Lawrence has pre-tax profit from all operations in 2023 of $39 million. This amount includes a $10 million operating loss from the toy car division incurred between the beginning of the year and August 15, the disposal date of the division. The $39 million profit does not include a pre-tax gain on the sale of the toy car division of $7 million. Prepare a partial statement of net income for Lawrence for 2023, beginning with income from continuing operations before tax. (Use the condensed income statement format and assume the company is subject to a 35% income tax rate. Enter all amounts in millions. Use parentheses or a minus sign to enter any loss amount.) Lawrence, Inc. Partial Statement of Net Income For the Year Ended December 31, 2023 Gross Profit Loss from Operations of Discontinued Operations, Net of Tax Benefit B 39000000 5000000
Lawrence has pre-tax profit from all operations in 2023 of $39 million. This amount includes a $10 million operating loss from the toy car division incurred between the beginning of the year and August 15, the disposal date of the division. The $39 million profit does not include a pre-tax gain on the sale of the toy car division of $7 million. Prepare a partial statement of net income for Lawrence for 2023, beginning with income from continuing operations before tax. (Use the condensed income statement format and assume the company is subject to a 35% income tax rate. Enter all amounts in millions. Use parentheses or a minus sign to enter any loss amount.) Lawrence, Inc. Partial Statement of Net Income For the Year Ended December 31, 2023 Gross Profit Loss from Operations of Discontinued Operations, Net of Tax Benefit B 39000000 5000000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject-accounting
Transcribed Image Text:Lawrence has pre-tax profit from all operations in 2023 of $39 million. This amount includes a $10 million operating loss from the toy car division incurred between the beginning of
the year and August 15, the disposal date of the division. The $39 million profit does not include a pre-tax gain on the sale of the toy car division of $7 million. Prepare a partial
statement of net income for Lawrence for 2023, beginning with income from continuing operations before tax. (Use the condensed income statement format and assume the company
is subject to a 35% income tax rate. Enter all amounts in millions. Use parentheses or a minus sign to enter any loss amount.)
Lawrence, Inc.
Partial Statement of Net Income
For the Year Ended December 31, 2023
Gross Profit
Loss from Operations of Discontinued Operations, Net of Tax Benefit
Income From Continuing Operations
Discontinued Operations
Loss from Operations of Discontinued Operations, Net of Tax Benefit
Gain from Disposal of Discontinued Segment, Net of Tax
Net Income
←
39000000
5000000
44000000
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