Exercise 13-1 For its fiscal year ending October 31, 2017, Sheffield Corp. repor

Question

Exercise 13-1

For its fiscal year ending October 31, 2017, Sheffield Corp. reports the following partial data shown below.

The loss on discontinued operations was comprised of a $30,200 loss from operations and a $60,900 loss from disposal. The income tax rate is 23% on all items.

Prepare a correct statement of comprehensive income, beginning with income before income taxes.

RESOURCES Ch13 Assignment The loss on discontinued operations was comprised of a $30,200 loss from operations and a $60,900 loss from disposal-The income tax rate is 23% on all items. Exercises 13 Prepare a correct statement of comprehensive income, beginning with income before income taxes Exercise 13-10 SHEFFIELD CORP rtial Statement of Comprehensive Income For the Year Ended October 31, 2017 Review Score Review Results by Study Objective Income Before Income Taxes 593,000 Income Tax Expense 144,900 Income from Continuing Operations 448,100 Loss on Disposal Loss from Operations 91,100 Loss from Operations 30,200 Net Income / (Loss) 357,000

Explanation / Answer

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Amount Amount PBT    593,000.00 Income Tax    136,390.00 Income from Continuing Operations    456,610.00 Loss from Disposal of Discontinued Operations             60,900.00 Loss on Operations Discontinued Operations             30,200.00    (91,100.00) Tax Benefit      20,953.00 Net Income    386,463.00

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