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

Exercise 47

Hudson Company had total revenue and expense numbers of $750,000 and $600,000, respectively, in the current year.n 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.he gain is expected to be subject to a 35 percent income tax rate.repare an abbreviated income statement for Hudson for the year.