Question

Exercise 13-01 For its fiscal year ending October 31, 2022, Bramble Corp, reports the following partial data shown below. Income before income taxes Income tax expense (20% x 5436,800) Income from continuing operations Loss on discontinued operations Net Income $561,600 87,360 474,240 124.800 $349,440 The loss on discontinued operations was comprised of a $52,000 loss from operations and a $72,000 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes. BRAMBLE CORP. Partial Statement of Comprehensive Income

Answer 1

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Bramble Corp
Statement of Comprehensive Income for the year ended 31st October, 2022.
Particulars	Amount $	Amount $
Income from continuing operations		561,600.00
Less: Income tax expense at 20%		112,320.00
Income from continuing operations		449,280.00
Income for Discontinued Operations
Loss on Discontinued Operations	124,800.00
Income tax expense at 20%	24,960.00	99,840.00
Net Income		349,440.00