Question

OURCES Your answer is partially correct. Try again. For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below. Income before income taxes Income tax expense (18% x $412,000) Income from continuing operations Loss on discontinued operations Net Income $512,000 74,160 437,840 100,000 $337,840 by Study The loss on discontinued operations was comprised of a $55.300 loss from operations and a $44.200 loss from disposal. The income tax rate is 18% on all item Prepare a correct statement of comprehensive income beginning with income before income taxes. HAAS CORPORATION Partial Statement of Comprehensive Income For the Year Ended October 31, 2017 0 512000 Income before income Taxes Income Tax Expense T Income from Continuing Operations 74160 437840 Loss from Operations of Discontinued Division 1 45346 Loss from Disposal of Discontinued Division 36654 - 82000 I Not Income / (Loss) 355840

Answer 1

Ans: HAAS corporation (Partial income statement)

For the year ended Oct 31,2017

Particulars	Amt($)	Amount($)
Income before income taxes	512,000
Income tax expense (18%of 512,000)	(92,160)
Income from Continuing operations		419,840
Discontinued Operations
Loss from disposal of discontinued operations(44,700*82%)	(36,654)
Loss from operations of discontinued Operations(55,300*82%)	(45,346)	(82,000)
Net income (Loss)		337,840