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evablogger [386]
3 years ago
13

Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2018: Operating income

$ 263,000 Income on discontinued operations 54,000 All income statement items are subject to a 32% income tax rate. In its 2018 income statement, Freda's separately stated income tax expense and total income tax expense would be:
Business
1 answer:
Greeley [361]3 years ago
3 0

Answer:

$84,160 and $101,440

Explanation:

The computation is shown below:

For income tax expense

= Operating income × rate on income tax

= $263,000 × 32%

= $84,160

And, for the total income tax expense,

= (Operating income + Income on discontinued operations)  × rate on income tax

= ($263,000 + $54,000) × 32%

= $101,440

We simply applied the above formula to determine the income tax expense and total income tax expense

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