Search
Info
Warning
Danger
/ Homework Answers / Taxation / Question Howard Co.'s 2016 income from continuing operations before income taxes

Question

Question

Howard Co.'s 2016 income from continuing operations before income taxes was $285,000. Howard Co. reported a before-tax income on discontinued operations of $51,000. All tax items are subject to a 40% tax rate. In its income statement for 2016, Howard Co. would show the following line-item amounts for net income and income tax expense:

 

$201,600 and $114,000.

$336,000 and $305,400.

$234,000 and $264,600.

$114,000 and $201,600.

Howard Co.'s 2016 income from continuing operations before income taxes was $285,000. Howard Co. reported a before-tax income on discontinued operations of $51,000. All tax items are subject to a 40% tax rate. In its income statement for 2016, Howard Co. would show the following line-item amounts for net income and income tax expense:

 

Solution
5 (1 Ratings )

Solved
Taxation 2 Months Ago 252 Views
This Question has Been Answered!
Premium Content -

Unlimited Access

Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Better Grades!

Ask an Expert

Our Experts can answer your tough homework and study questions
21965 Taxation Questions Answered!
Post a Question

Recent Solutions