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max2010maxim [7]
3 years ago
7

Esquire Comic Book Company had income before tax of $1,000,000 in 2016 before considering the following material items:

Business
1 answer:
Ganezh [65]3 years ago
8 0

Answer:

                    Esquire Comic Book Company

                               Income Statement

               For the Year Ended December 31, 2016

Operating income                                                $1,000,000

<u>Restructuring costs                                                 ($80,000)</u>

Income from continuing operations b/ Taxes      $920,000

<u>Income tax expense                                              ($368,000)</u>

Income from continuing operations                                        $552,000

Discontinued operations:

  • Operating income                                         $500,000
  • Loss on disposal                                          ($350,000)
  • <u>Income tax on discontinued operations      ($60,000)</u>

Income from discontinued operations                                     $90,000

<u>Net income                                                                               $642,000</u>

Explanation:

Income from discontinued operations must be reported separately, but any restructuring costs must be included as operational expenses.

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