Bailey Corporation's financial statements for the current year include the following: Income from continuing operations $520,000...
Bailey Corporation's financial statements for the current year include the following:
Income from continuing operations $520,000
Prior period adjustment 90,000
Cash dividends paid to common stockholders (102,000)
Gain from discontinued operations 310,000
Now add and subtract (parentheses mean that you should subtract) only those items that are supposed to be on the income statement to get the total net income of the company. On the basis of this information, net income for the current year is
a. $830,000 b. $818,000 c. $1,270,000 d. $1,022,000
Homework Answers
| Income Statement | |
| Income from continuing operations | 520,000 |
| Gain from discontinued operations | 310,000 |
| Net income | $830,000 |
net income for the current year is $830,000
Correct option is a.
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Bailey Corporation's financial
statements for the current year include the following:
Income from continuing
operations
$520,000...
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