Question

freda's florist reported the following before-tax income statement items for the year ended december 31, 2021: operating income $ 270,000 income on discontinued operations 67,000 all income statement items are subject to a 25% income tax rate. in its 2021 income statement, freda's separately stated income tax expense and total income tax expense would be:

Answer 1

The individually disclosed income tax charge for freda in its 2021 income statement is $67,500, while the overall income tax expense is $16,750.

what is the purpose of the income tax?

The term "income tax" refers to a class of taxes that governments impose on income generated by businesses and individuals within their jurisdiction.

For the year ended December 31, 2011, Freda's Florist reported the following before-tax income statement items:

operating earnings of $250,000.

Gain extraordinary: 70,000

A 40% income tax rate is applied to all items on the income statement?

Both Freda's separately stated income tax expense and total income tax expense would be separately shown in its 2011 income statement as follows: $100,000 and $128,000, respectively.

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