The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding. Sales Revenue $890,000 Cost of Goods sold 300,000 Operating expenses 220,000 Income from discontinued operations 140,000 Loss on disposal of discontinued operations 60,000 Determine the income or loss from discontinued operations as reported on the Income Statement:
The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding. Sales Revenue $890,000 Cost of Goods sold 300,000 Operating expenses 220,000 Income from discontinued operations 140,000 Loss on disposal of discontinued operations 60,000 Determine the income or loss from discontinued operations as reported on the Income Statement:
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding.
Sales Revenue $890,000
Cost of Goods sold 300,000
Operating expenses 220,000
Income from discontinued operations 140,000
Loss on disposal of
discontinued operations 60,000
Determine the income or loss from discontinued operations as reported on the Income Statement:
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