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
Accounts payable subsidiary ledger Accounts are designed to show balance owed to every creditor. Liability accounts generally have credit balances. Accounts are not assigned nu

Q. Describe the accounting procedures? The demand for college professors differ greatly by discipline. In fields such like Fine Arts, English, Philosophy and Psychology there i

how the minority interest will be calculated?

Financial statements Summaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an accounting period. Accounting per

Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu

How to define Inter company Transaction in Account Receivable? Ans) Intercompany transactions are those transactions that takes place among two or more entities of the similar g

Could the choice of recording a capital asset impairment or not, impact the financial statements significantly? Explain.

Process Solutions provides a computer-based document processing service. The accountant has produced the following analysis.   Standard Modifi

stpes to be taken prepaing for final accounts

Q. Advantage of a pre-inventory sale? Have you still taken advantage of a pre-inventory sale at your favourite retail store Many stores offer bargain prices to decrease the mer