Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 13

Extraordinary Loss
Fellups, Inc., had net income for the year just ended of $75,000, without considering the following item or its tax effects.uring the year, a tornado damaged one of the company's warehouses and its contents.ornado damage is quite rare in Fellups's location.he estimated amount of the loss from the tornado is $100,000 and the related tax effect is 40 percent.repare the final section of Fellups's income statement, beginning with income before extraordinary items.