ACCT Acc. Problem For its fiscal year ending October 31, 2017, Flint Corporation

Question

ACCT

Acc. Problem For its fiscal year ending October 31, 2017, Flint Corporation reports the following partial data shown below. 508,000 Income before income taxes Income tax expense (23% × $622,000) 143,060 Income from continuing operations364,940 Loss on discontinued operations Net income 116,500 $248,440 The loss on discontinued operations was comprised of a $45,200 loss from operations and a $71,300 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. FLINT CORPORATION Partial Statement of Comprehensive Income

Explanation / Answer

FLINT CORPORATION Partial Statement of Comprehensive Income For the Year Ended October 31, 2017 Income from continuing operations before income taxes 508000 Income Tax Expense -143060 Income from continuing operations 364940 Dicontinued operations:      Loss from operations of discontinued component -45200      Loss from disposal -71300 -116500      Income Tax benefit ($116500 x 25%) 29125 Net Income 277565

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