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FINANCIAL ACCOUNTING
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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Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component $103,000 21,700 (43,000) Canton is subject to a 25% tax rate. Required: Prepare the December 31, 2021, income statement for Canton Corporation, starting with income from continuing operations before income taxes. (Amounts to be deducted should be indicated with a minus sign.) CANTON CORPORATION Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations Discontinued operations: Loss on discontinued operations Net income (loss)
Transcribed Image Text:Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component $103,000 21,700 (43,000) Canton is subject to a 25% tax rate. Required: Prepare the December 31, 2021, income statement for Canton Corporation, starting with income from continuing operations before income taxes. (Amounts to be deducted should be indicated with a minus sign.) CANTON CORPORATION Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations Discontinued operations: Loss on discontinued operations Net income (loss)
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