For its fiscal year ending December 31 2017 Conner Corporation reported the following partial data $ \begin{array}{ll}
\text { Income before income taxes}& \$ 1,200,000\
\text { Income tax expense $ (30 \% \times 950,000)$ }&285,000 \
\text { Income from continuing operations } & 915,000 \
\text { Discontinued operations loss } & 250,000\
\text {Net income}& \$ 665.000
\end{array} $ The income tax rate is 30% on all items.
Instructions
Prepare a correct income statement beginning with income before income taxes.

Question

For its fiscal year ending December 31 2017 Conner Corporation reported the following partial data $ \begin{array}{ll}
\text { Income before income taxes}&  \$ 1,200,000\
\text {  Income tax expense $ (30 \% \times 950,000)$ }&285,000 \
\text { Income from continuing operations } & 915,000 \
 \text { Discontinued operations loss } & 250,000\
\text {Net income}& \$ 665.000 
\end{array} $ The income tax rate is 30% on all items.
Instructions
Prepare a correct income statement beginning with income before income taxes.

Quizplus · Accepted Answer

The Answer of For its fiscal year ending December 31 2017 Conner Corporation reported the following partial data $ \begin{array}{ll}
\text { Income before income taxes}&  \$ 1,200,000\
\text {  Income tax expense $ (30 \% \times 950,000)$ }&285,000 \
\text { Income from continuing operations } & 915,000 \
 \text { Discontinued operations loss } & 250,000\
\text {Net income}& \$ 665.000 
\end{array} $ The income tax rate is 30% on all items.
Instructions
Prepare a correct income statement beginning with income before income taxes.

For Its Fiscal Year Ending December 31 2017 Conner Corporation