ACCT 103 Lecture Notes - Lecture 12: Income Statement, Financial Statement, Retained Earnings

• School: American River College
• Department: Accounting
• Course: ACCT 103
• Professor: Pollard

Document Summary

It relates the income tax expense (sometimes referred to as the income tax provision) of the fiscal year to the specific items that give rise to the amount of the tax provision. In applying the concept of intraperiod tax allocation, assume that schindler co. has income before income tax and an extraordinary amount of ,000. It has an exceptional benefit of ,000 from a sentencing settlement on one of its assets: schindler offers the following information on the income statement, assuming a. "income before income tax and extraordinary object: the corporation has a separate tax benefit of ,000 due to the "extraordinary gain condemnation settlement" Extraordinary losses: to demonstrate the recording of an extraordinary loss, conclude that schindler co: has income before income tax and an extraordinary object, assuming that the tax rate is 30%, schindler presents the income tax on the. It suffers an extraordinary loss of ,000 from a major accident income statement.