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
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Question 1 of 8
PHAROAH CORPORATION
Income Statement (Partial )
For the Year Endod October 31, 2022
Income before Income Taxes
Income Tax Experse
Income from Continuing Operations
Transcribed Image Text:Question 1 of 8 PHAROAH CORPORATION Income Statement (Partial ) For the Year Endod October 31, 2022 Income before Income Taxes Income Tax Experse Income from Continuing Operations
Question 1 of 8
View Policies
Current Attempt in Progress
For its fiscal year ending October 31, 2022. Pharoah Corporation reports the following partial data
Income before income taxes
$580.000
Income tax experse (32% x $449.000)
143.680
tncome from continuing operations
436,320
Loss on discontinued operations
131000
Net income
$305,320
The loss on discontinued operations was comprised ot a $51.000 loss trom operations and a $80.000 loss from disposal. The income
tax rate is 32% on all items
ta)
Prepare a correct partial income statement. beginning with income before income taxes. (Enter loss using either a negative sign preceding
the number eg 2,945 or parentheses eg (2,945))
PHAROAH CORPORATION
Transcribed Image Text:Question 1 of 8 View Policies Current Attempt in Progress For its fiscal year ending October 31, 2022. Pharoah Corporation reports the following partial data Income before income taxes $580.000 Income tax experse (32% x $449.000) 143.680 tncome from continuing operations 436,320 Loss on discontinued operations 131000 Net income $305,320 The loss on discontinued operations was comprised ot a $51.000 loss trom operations and a $80.000 loss from disposal. The income tax rate is 32% on all items ta) Prepare a correct partial income statement. beginning with income before income taxes. (Enter loss using either a negative sign preceding the number eg 2,945 or parentheses eg (2,945)) PHAROAH CORPORATION
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