Question 1 of 8PHAROAH CORPORATIONIncome Statement (Partial )For the Year Endod October 31, 2022Income before Income TaxesIncome Tax ExperseIncome from Continuing Operations Question 1 of 8View PoliciesCurrent Attempt in ProgressFor its fiscal year ending October 31, 2022. Pharoah Corporation reports the following partial dataIncome before income taxes$580.000Income tax experse (32% x $449.000)143.680tncome from continuing operations436,320Loss on discontinued operations131000Net income$305,320The loss on discontinued operations was comprised ot a $51.000 loss trom operations and a $80.000 loss from disposal. The incometax rate is 32% on all itemsta)Prepare a correct partial income statement. beginning with income before income taxes. (Enter loss using either a negative sign precedingthe number eg 2,945 or parentheses eg (2,945))PHAROAH CORPORATION

Income tax expense = Income before income taxes * income tax rate Income from continuing operations…

For its fiscal year ending October 31, 2022. Pharoah Corporation reports the following oartial data Income before income taxes $580.000 Income tax expense (32% x $449.000) 143.680 Income from continuing operations 436,320 Loss on discontinued operations 131.000 Net income $305,320 The loss on discontinued operations was comprised of a S51.000 loss from operations and a $80.000 los from disposal The income tax rate is 32% on all items.

For its fiscal year ending October 31, 2022. Pharoah Corporation reports the following oartial data Income before income taxes $580.000 Income tax expense (32% x $449.000) 143.680 Income from continuing operations 436,320 Loss on discontinued operations 131.000 Net income $305,320 The loss on discontinued operations was comprised of a S51.000 loss from operations and a $80.000 los from disposal The income tax rate is 32% on all items.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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