Question

The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations, net of tax Net income $ 980 (410) 579 (200) (106) 264 (105) $ 159 The company's tax rate is 40%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

Answer 1

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2come Stalement ANS tin the Ascal year ended Moreh 31,2012 in millios 980 Revenues 410 Cost af Goodk Co/d 570 Gnos psoft CLOsu 200 OPeRating enp anises OCsme trom Catinuing openahon befone tames $ 370 :-$143 Inume tan enpense (370 x yo Income befone chicontnued operakon: $ 222 Less from chxcon tin ue d operatio2 (N6H ): -$63 159 Net income a tax Saviog has Not: Lore frzem dhsontnued opertaion Loe fiudscon hn ue doperation :-105 V2 >7an saving C-105 K40 Loss from disantinue oPenoto9, netof ton :-f 63

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