The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the yearended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding.Sales RevenueS890,000Cost of Goods sold300,000Operating expenses220,000Income from discontinued operations140,000Loss on disposal of discontinued operations60,000Determine the income or loss from the discontinued segment of the company as shown on the income statement:Answer:

Income or loss from discontinued segment that should be shown in income statement = Post tax Income…

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 the discontinued segment of the company as shown on the income statement: Answer.

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 the discontinued segment of the company as shown on the income statement: Answer.

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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