Create a correct income statement beginning with income

Assignment Help Financial Accounting

Reference no: EM13124484

In its draft 2010 income statement, Supply Corporation reports income before income taxes $500,000, extraordinary loss due to earthquake $150,000, income taxes $200,000 (not including irregular items), loss on disposal of discontinued music division $20,000. The income tax rate is 40%. Prepare a correct income statement, beginning with income before income taxes

Reference no: EM13124484

Questions Cloud

Identify at least two different accounting careers : Identify at least two different accounting careers that you would like to pursue. What excites you about these careers?

Explain change if the government decides : Explain how does the answer to requirement change if the government decides to depreciate this asset over a 10-year period using straight-line depreciation?

Which statements is true about nestor hobby activity : Which of the following statements is TRUE about Nestor's hobby activity?

Experiencing financial difficulties : Furthermore, a small handful of your client's customers are experiencing financial difficulties because of slowing demand for your client's products.

Create a correct income statement beginning with income : loss on disposal of discontinued music division $20,000. The income tax rate is 40%. Create a correct income statement, beginning with income before income taxes

Problem related to divisions net assets : Books-R-Us, Inc. committed to sell its comic book division (a component of the business) on September 1, 2010. The book value of the division's net assets was $400,000 and the estimated selling price of the net assets was $350,000.

How many dollars of revenue must the company generate : Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how many dollars of revenue must the company generate in order to reach the break-even point?

Eeat beans mostly : In a one (1) page essay, use three (3) conventional elements of literature to help you develop a literary analysis of your own on Brooks' "The Bean Eaters.

Revenue principle statement : The revenue principle states that revenue shall be recognized at a point when

User Account

All Pages