Can someone help me with this question? The blank spaces are the ones that I can
ID: 2491899 • Letter: C
Question
Can someone help me with this question? The blank spaces are the ones that I can't figure out.
Your answer is partially correct. Try again.
Trayer Corporation has income from continuing operations of $257,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes).
1.
An extraordinary loss of $80,500.
2.
A gain of $29,800 on the discontinuance of a division.
3.
A correction of an error in last year’s financial statements that resulted in a $15,700 understatement of 2013 net income.
Assume all items are subject to income taxes at a 33% tax rate.
(a)
Prepare an income statement, beginning with income from continuing operations.
[Partially correct answer.]
Your answer is partially correct. Try again.
Trayer Corporation has income from continuing operations of $257,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes).
1.
An extraordinary loss of $80,500.
2.
A gain of $29,800 on the discontinuance of a division.
3.
A correction of an error in last year’s financial statements that resulted in a $15,700 understatement of 2013 net income.
Assume all items are subject to income taxes at a 33% tax rate.
(a)
Prepare an income statement, beginning with income from continuing operations.
TRAYER CORPORATION
Partial Income Statement
For the Year Ended December 31, 2014
[Entry field with correct answer] [Entry field with incorrect answer]
Income From Continuing Operations $257,000
[Entry field with correct answer]
Discontinued Operations
[Entry field with incorrect answer now contains modified data] $ [Entry field with incorrect answer]
Discontinued Operations
Dividends
Expenses
Extraordinary Item
Extraordinary Loss
Gain on Discontinued Division
Income Before Extraordinary Item
Income Before Income Taxes
Income From Continuing Operations
Income Tax Expense
Loss from Operations of Music Division
Net Income / (Loss)
Retained Earnings
Total Expenses
Total Revenues
[Entry field with correct answer] [Entry field with incorrect answer]
Income Before Extraordinary Item $
[Entry field with correct answer]
Extraordinary Item
[Entry field with correct answer] [Entry field with correct answer]
Extraordinary Loss $ (53,935)
[Entry field with correct answer] [Entry field with incorrect answer]
Net Income / (Loss) $
Your answer is partially correct. Try again.
Explanation / Answer
Ans)a Income statement Particular Amount Income from continuing Operation 257000 Extra ordinary items Less: Extra ordinary loss -80500 Add: Gain on discountinuance 29800 Add: correction in income 15700 Net income Before tax 222000 less: Tax 66600 Net income after Tax 155400
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.