Venti Corporation had income from continuing operations of $420000 for the year ended December 31 2017. It also had the following item (before income taxes):
1. Loss of $50000 on discontinuance of a division.
All items are subject to income taxes at a 25% tax rate.
Instructions
Prepare a partial income statement beginning with income from continuing operations.

Question

Quizplus · Accepted Answer

The Answer of Venti Corporation had income from continuing operations of $420000 for the year ended December 31 2017. It also had the following item (before income taxes):
1. Loss of $50000 on discontinuance of a division.
All items are subject to income taxes at a 25% tax rate.
Instructions
Prepare a partial income statement beginning with income from continuing operations.

Venti Corporation Had Income from Continuing Operations of $420000 for the Year