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

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