Income from continuing operations before income tax, Accounting Basics

White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase out the segment of its business. That segment reported a net loss prior to the measurement date of $74,000. White Lightning expects to incur additional losses of $35,000 during the phase out period. Management estimates a loss on the sale of the assets associated with the segment of $85,000. The income tax rate for the White Lightning is 30%

Prepare the portion of the income statement beginning with "income from continuing operations before income tax" for the year ended 12/31/2004

Write your figures in the form attached to the examination

Posted Date: 3/14/2013 6:18:59 AM | Location : United States

Related Discussions:- Income from continuing operations before income tax, Assignment Help, Ask Question on Income from continuing operations before income tax, Get Answer, Expert's Help, Income from continuing operations before income tax Discussions

Write discussion on Income from continuing operations before income tax
Your posts are moderated
Related Questions
Assignment: This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process,

Q. Explain Inventory turnover ratio? An important ratio for managers, investors, and creditors to consider when analyzing a company's inventory is the inventory turnover ratio.

Q. Database management system - accounting perspective? A database management system stores related data-such like monthly sales data products, salespersons, customers and sale

Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to

Q. What is sales allowance? A sales allowance is a inference from the original invoiced sales price granted when the customer keeps the merchandise but is dissatisfied for any

Benefites of Management accounting information To obtain this benefit, businesses have become more 'customer driven' (which is, concerned with satisfying customer needs). This

Q. Show Transactions affecting the income statement? To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services

Q. Explain about full disclosure principle? The full disclosure principle states that information significant enough to influence the decisions of an informed user of the finan

A user buys a new transponder for $20. What debit and credit entries would need to be made?

Goodwill is an intangible asset of a organization which contains company reputation, fame etc., By goodwill company share value may enhances