Adjusted trial balance

Feb 1st, 2014
Anonymous
Category:
Art Design
Price: $5 USD
Question description

3. Canton Corporation reported the following items in its adjusted trial balance for the
year ended December 31, 2011:

Income from continuing operations before income taxes $110,000)
Extraordinary gain on property condemnsation 28,000)
Extraordinary loss on natural disaster (50,000)

Canton is subject to a 30% tax rate.
Required: Prepare the December 31, 2011, income statement for Canton Corporation,
starting with income from continuing operations before income taxes.

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