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E14-13 Maulder Corporation has income from continuing operations of $290,000 for the year ended… 1 answer below » E14-13 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. Instructions (a) Prepare an income statement, beginning with income from continuing operations. View complete question » E14-13 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. Instructions (a) Prepare an income statement, beginning with income from continuing operations. (b) Indicate the statement presentation of any item not included in (a) above. EXERCISES: SET B AND CHALLENGE EXERCISES Visit the book’s companion website, at www.wiley.com/college/weygandt , and choose the Student Companion site to access Exercise Set B and Challenge Exercises. PROBLEMS Follow the rounding procedures used in the chapter. View less » Nov 30 2015 04:55 PM
