Provincial Inc. reported the following before-tax income statement items: Operating income $ 510,000 Loss on discontinued...
Provincial Inc. reported the following before-tax income
statement items:
| Operating income | $ | 510,000 | |
| Loss on discontinued operations | 94,000 | ||
Provincial has a 26% income tax rate.
Provincial would report the following amount of income tax expense
as a separately stated line item in the income statement:
Multiple Choice
-
$132,600.
-
$12,220.
-
$24,440.
-
$120,380.
Homework Answers
Operating income = $510,000
Income tax rate = 26%
Income tax expense = Operating income x Income tax rate
= 510,000 x 26%
= $132,600
Income tax expense = $132,600
First option is the correct option.
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Provincial Inc. reported the following before-tax income
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Operating income
$
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Loss on discontinued...
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