Gumble Corporation had income from continuing operations of $300,000 for the year ended December 31, 2014. It also had a loss of $60,000 (before income taxes) on discontinuance of a division.
Gumble is subject to income taxes at a 30% tax rate.
Instructions
Prepare a partial income statement, beginning with income from continuing operations.

Question

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The Answer of Gumble Corporation had income from continuing operations of $300,000 for the year ended December 31, 2014. It also had a loss of $60,000 (before income taxes) on discontinuance of a division.
Gumble is subject to income taxes at a 30% tax rate.
Instructions
Prepare a partial income statement, beginning with income from continuing operations.

Gumble Corporation Had Income from Continuing Operations of $300,000 for the Year