Question

For its fiscal year ending October 31, 2022. Bridgeport Corp. reports the following partial data shown below. Income before income taxes $448,200 Income tax expense (20% * $348,600) 69.720 Income from continuing operations 378.480 Loss on discontinued operations 99,600 Net income $278.880 The loss on discontinued operations was comprised of a $41,500 loss from operations and a $58.100 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. BRIDGEPORT CORP. Partial Statement of Comprehensive Income Partial Statement of For the Year Ended October 31, 2022 Income Before Income Taxes Income Tax Expense Income from Continuing Operations Discontinued Operations Loss from Operations Loss on Disposal Net Income/(Loss)

Answer 1

BRIDGEPORT CORP. Partial Statement of Comprehensive Income For the Year Ended October 31, 2022 Income before Income Taxes Less: Income tax expense (20% * $448,200) Income from continuing operations Discontinued operations: Loss on Disposal, net of tax Loss from Operations, net of tax $448.200 $89,640 $358.560 $46,480 $33.200 $79.680 $278,880 Net income (Loss) Workings: Discontinued operations: Loss on Disposal Less: Income tax benefit Loss from operations Less: Income tax benefit $46,480 $58.100 $11.620 $41.500 $8,300 $33,200