Nola Corporation gathered the following information for the fiscal year ended December 31 2017: $$\begin{array} { l r }
\text { Sales } & \$ 1,300,000 \
\text { Discontinued operations loss } & 110,000 \
\text { Selling and administrative expenses } & 160,000 \
\text { Cost of goods sold } & 900,000 \
\text { Loss on sale of equipment } & 40,000
\end{array}$$ Nola Corporation is subject to a 30% income tax rate.
Instructions
Prepare a partial income statement beginning with income before income taxes.

Question

Nola Corporation gathered the following information for the fiscal year ended December 31 2017: $$\begin{array} { l r } 
\text { Sales } & \$ 1,300,000 \
\text { Discontinued operations loss } & 110,000 \
\text { Selling and administrative expenses } & 160,000 \
\text { Cost of goods sold } & 900,000 \
\text { Loss on sale of equipment } & 40,000
\end{array}$$ Nola Corporation is subject to a 30% income tax rate.
Instructions
Prepare a partial income statement beginning with income before income taxes.

Quizplus · Accepted Answer

The Answer of Nola Corporation gathered the following information for the fiscal year ended December 31 2017: $$\begin{array} { l r } 
\text { Sales } & \$ 1,300,000 \
\text { Discontinued operations loss } & 110,000 \
\text { Selling and administrative expenses } & 160,000 \
\text { Cost of goods sold } & 900,000 \
\text { Loss on sale of equipment } & 40,000
\end{array}$$ Nola Corporation is subject to a 30% income tax rate.
Instructions
Prepare a partial income statement beginning with income before income taxes.

Nola Corporation Gathered the Following Information for the Fiscal Year