Prepare a partial income statement, beginning with income before income taxes using the following information for Simpson Corporation for the fiscal year ended December 31, 2014: $$\begin{array} { l r }
\text { Sales revenue } & \$ 800,000 \
\text { Loss from discontinued operations } & 100,000 \
\text { Operating expenses } & 180,000 \
\text { Cost of goods sold } & 500,000 \
\text { Loss on disposal of land } & 25,000
\end{array}$$ Simpson Corporation is subject to a 30% income tax rate.

Question

Prepare a partial income statement, beginning with income before income taxes using the following information for Simpson Corporation for the fiscal year ended December 31, 2014: $$\begin{array} { l r } 
\text { Sales revenue } & \$ 800,000 \
\text { Loss from discontinued operations } & 100,000 \
\text { Operating expenses } & 180,000 \
\text { Cost of goods sold } & 500,000 \
\text { Loss on disposal of land } & 25,000
\end{array}$$ Simpson Corporation is subject to a 30% income tax rate.

Quizplus · Accepted Answer

The Answer of Prepare a partial income statement, beginning with income before income taxes using the following information for Simpson Corporation for the fiscal year ended December 31, 2014: $$\begin{array} { l r } 
\text { Sales revenue } & \$ 800,000 \
\text { Loss from discontinued operations } & 100,000 \
\text { Operating expenses } & 180,000 \
\text { Cost of goods sold } & 500,000 \
\text { Loss on disposal of land } & 25,000
\end{array}$$ Simpson Corporation is subject to a 30% income tax rate.

Prepare a Partial Income Statement, Beginning with Income Before Income