Marco Industries has an income tax rate of 30%. Their reported income from operations is $350,000;...
Marco Industries has an income tax rate of 30%. Their reported income from operations is $350,000; The company also had a loss from flood damage of $120,000. Which of the following is the correct amount of the company’s net income from continuing operations?
A : $230,000. B : $301,000. C : $161,000. D : $430,000.
Homework Answers
Solution: Option : C = $161,000
Calculation of company's net income from continuing operations
| Particulars | Amount |
| Income from continuing operations | $350,000 |
| Less : Loss from floods damage | $120,000 |
| $230,000 | |
|
Less : Income tax expenses ($230,000 × 30%) |
$69,000 |
| Net income from continuing operations | $161,000 |
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