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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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