FINANCIAL ACCOUNTINGLL W/CONNECT >IC<
4th Edition
ISBN: 9781259934773
Author: SPICELAND
Publisher: MCG
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Chapter 12, Problem 12.13E
To determine
To prepare: The multi-step income statement for Corporation S beginning with operating income.
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For its fiscal year ending October 31, 2022, Martinez Corp, reports the following partial data shown below.
Income before income taxes
Income tax expense (20% × $369,600)
Income from continuing operations
Loss on discontinued operations
Net income
$475,200
73,920
401.280
105.600
$295,680
The loss on discontinued operations was comprised of a $44,000 loss from operations and a $61.600 loss from disposal. The income
tax rate is 20% on all items.
Prepare a correct statement of comprehensive income, beginning with income before income taxes.
Your answer is partially correct.
Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31, 2022. It also has the
following items (before considering income taxes).
A gain of $30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $40,000
gain on disposal).
1.
An unrealized loss of $80,000 on available-for-sale securities.
2.
Assume all items are subject to income taxes at a 20% tax rate.
Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive
income for the year ended December 31, 2022. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses
e.g. (2,945).)
Income from Continuing Operations
Discontinued Operations
TRAYER CORPORATION
Income Statement (Partial)
For the Year Ended December 31, 2022
Gain from Disposal, Net of Income Taxes
Loss from Operations, Net of Income Tax Savings
Net Income (Loss)
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A…
Billy's Book Corporation has operating income of $0.9 million, a loss on sale of investments of $120,000, and income tax expense of
$225,000 for the year ended December 31, 2024, before considering the following item: a $195,000 gain, after tax, from the disposal
of an operating segment.
Required:
Prepare the 2024 multiple step income statement for Billy's Book Corporation beginning with operating income. (Enter your answer in
dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000).)
Operating income
Income before tax
BILLY'S BOOK CORPORATION
Income Statement
For the Year Ended December 31, 2024
Discontinued operation:
$ 900,000
Chapter 12 Solutions
FINANCIAL ACCOUNTINGLL W/CONNECT >IC<
Ch. 12 - Prob. 1RQCh. 12 - Prob. 2RQCh. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - 5.In performing horizontal analysis, why is it...Ch. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQ
Ch. 12 - Prob. 11RQCh. 12 - Prob. 12RQCh. 12 - Prob. 13RQCh. 12 - Prob. 14RQCh. 12 - Prob. 15RQCh. 12 - Prob. 16RQCh. 12 - Prob. 17RQCh. 12 - Prob. 18RQCh. 12 - Prob. 19RQCh. 12 - Prob. 20RQCh. 12 - Prob. 12.1BECh. 12 - Prob. 12.2BECh. 12 - Prob. 12.3BECh. 12 - Prob. 12.4BECh. 12 - Prob. 12.5BECh. 12 - Universal Sports Supply began the year with an...Ch. 12 - Prob. 12.7BECh. 12 - Prob. 12.8BECh. 12 - Prob. 12.9BECh. 12 - Prob. 12.10BECh. 12 - Prob. 12.11BECh. 12 - Prob. 12.12BECh. 12 - Prob. 12.13BECh. 12 - Classify each of the following accounting...Ch. 12 - Classify each of the following accepted accounting...Ch. 12 - Prob. 12.1ECh. 12 - Prob. 12.2ECh. 12 - Prob. 12.3ECh. 12 - Prob. 12.4ECh. 12 - Prob. 12.5ECh. 12 - Refer to the information for Adrian Express in...Ch. 12 - Prob. 12.7ECh. 12 - Calculate profitability ratios (LO124) Refer to...Ch. 12 - Prob. 12.9ECh. 12 - The income statement for Stretch-Tape Corporation...Ch. 12 - Prob. 12.11ECh. 12 - LeBrons Bookstores has two divisions, books and...Ch. 12 - Prob. 12.13ECh. 12 - Prob. 12.14ECh. 12 - Distinguish between conservative and aggressive...Ch. 12 - Prob. 12.1APCh. 12 - Prob. 12.2APCh. 12 - Prob. 12.3APCh. 12 - Prob. 12.4APCh. 12 - Prob. 12.5APCh. 12 - Prob. 12.6APCh. 12 - Game-On Sports operates in two distinct segments:...Ch. 12 - Prob. 12.2BPCh. 12 - Prob. 12.3BPCh. 12 - Prob. 12.4BPCh. 12 - Prob. 12.5BPCh. 12 - Prob. 12.6BPCh. 12 - Prob. 12.1APCPCh. 12 - Prob. 12.2APFACh. 12 - Prob. 12.3APFACh. 12 - Prob. 12.4APCACh. 12 - Prob. 12.5APECh. 12 - Prob. 12.7APWCCh. 12 - Prob. 12.8APEM
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