Reference no: EM132818491
Problem 1 - Bangladesh Company provided the following information for the current year:
Sales 50,000,000
Cost of goods sold 30,000,000
Distribution costs 5,000,000
General and administrative expenses 4,000,000
Interest expense 2,000,000
Gain on early extinguishment of long-term debt 500,000
Correction of inventory error, net of income tax - credit 1,000,000
Investment income - equity method 3,000,000
Gain on expropriation 2,000,000
Income tax expense 5,000,000
Dividends declared 2,500,000
Required - What is the income from continuing operations of Bangladesh company? Show the solution.
Problem 2 - Corazon Company provided the following information for the current year:
Sales 7,000,000
Sales returns and allowances 100,000
Cost of goods sold 2,800,000
Utilities expense 1,000,000
Interest revenue 150,000
Income tax expense 800,000
Casualty loss due to earthquake 50,000
Finance cost 200,000
Salaries expense 600,000
Loss on sale of investments 50,000
Required - What amount should be reported as income from continuing operations of Corazon Company? Show the solution.
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What is the income from continuing operations of company
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