In 2017, Pronghorn Corporation discontinued its retail store operations to focus on its online opportunities. The elimination of these retail operations is properly considered a discontinued operation. During the current year, its store operations lost $630,000 (net of tax) while its online operations reported a profit of $3,530,000 (net of tax). Pronghorn sold the store operations at the end of the year at a loss of $1,380,000 (net of tax). Prepare an income statement for 2017 beginning with line item “Income from continuing operations.”
In 2017, Pronghorn Corporation discontinued its retail store operations to focus on its online opportunities. The elimination of these retail operations is properly considered a discontinued operation. During the current year, its store operations lost $630,000 (net of tax) while its online operations reported a profit of $3,530,000 (net of tax). Pronghorn sold the store operations at the end of the year at a loss of $1,380,000 (net of tax). Prepare an income statement for 2017 beginning with line item “Income from continuing operations.”
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
In 2017, Pronghorn Corporation discontinued its retail store operations to focus on its online opportunities. The elimination of these retail operations is properly considered a discontinued operation. During the current year, its store operations lost $630,000 (net of tax) while its online operations reported a profit of $3,530,000 (net of tax). Pronghorn sold the store operations at the end of the year at a loss of $1,380,000 (net of tax). Prepare an income statement for 2017 beginning with line item “Income from continuing operations.”
PRONGHORN CORPORATION
Partial Income Statement choose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 |
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select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)
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$enter a dollar amount
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select an opening section name Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)
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select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)
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$enter a dollar amount
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select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)
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enter a dollar amount | |||
enter a subtotal of the two previous amounts | ||||
select a closing name for this statement Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)
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$enter a total net income or loss amount
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