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Course Name: Financial Accounting , no pictures or hand writing , exaplin answers Q4....

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Accounting

Course Name: Financial Accounting , no pictures or hand writing , exaplin answers

Q4. a. What do you understand by allocation to non-controlling interest and discontinued operations? Explain how to report them in the income statement. (1 Marks)

Answer:

b. Intraperiod Tax Allocation.

XYZ Co. has income before income tax of SR 50,000. XYZ Co. has a gain of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, how would XYZ Co. present the information on the income statement, and if it has a loss of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, show the changes in Income on the income statement

Prepare (2 Marks)

  1. Changes in Net Income when Loss made from discontinued operations
  2. Changes in Net Income when Gain made on discontinued operations

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