Project #12292 - finanacial statement

 

Maulder Corporation has income from continuing operations of $290,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes).

1.   An extraordinary loss of $70,000.
2.   A gain of $35,000 on the discontinuance of a division.
3.   A correction of an error in last year’s financial statements that resulted in a $25,000 understatement of 2013 net income.

Assume all items are subject to income taxes at a 30% tax rate.

Prepare an income statement, beginning with income from continuing

Subject Business
Due By (Pacific Time) 09/12/2013 12:08 am
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