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Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778 Exercise 54
Extraordinary Gain
Hudson Company had total revenue and expense numbers of $750,000 and $600,000, respectively, in the current year. In addition, the company had a gain of $115,000 that resulted from the passage of new legislation, which is considered unusual and infrequent for financial reporting purposes. The gain is expected to be subject to a 35 percent income tax rate. Prepare an abbreviated income statement for Hudson for the year.
Hudson Company had total revenue and expense numbers of $750,000 and $600,000, respectively, in the current year. In addition, the company had a gain of $115,000 that resulted from the passage of new legislation, which is considered unusual and infrequent for financial reporting purposes. The gain is expected to be subject to a 35 percent income tax rate. Prepare an abbreviated income statement for Hudson for the year.
Explanation
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Income statement:
• An income statement...
Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
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