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For its fiscal year ending October 31, 2010, Molini Corporation reports the following partial data.
For its fiscal year ending October 31, 2010, Molini Corporation reports the following partial data. Income before income taxes $540,000 Income tax expense (30% $390,000) 117,000 Income before extraordinary items 423,000 Extraordinary loss from flood 150,000 Net income $273,000For its fiscal year ending October 31, 2010, Molini Corporation reports the following partial data. Income before income taxes $540,000 Income tax expense (30% $390,000) 117,000 Income before extraordinary items 423,000 Extraordinary loss from flood 150,000 Net income $273,000The flood loss is considered an extraordinary item. The income tax rate is 30% on all items. InstructionsComplete the correct income statement, beginning with income before income taxes. MOLINI CORPORATION Partial Income Statement For the Year Ended October 31, 2010Income before income taxes $ Income tax expenseExtraordinary loss from floodIncome before extraordinary item Income before extraordinary itemIncome tax expenseExtraordinary loss from flood Income before extraordinary itemIncome tax expenseExtraordinary loss from flood Net income $The flood loss is considered an extraordinary item. The income tax rate is 30% on all items. InstructionsExplain in memo form why the income statement data are misleading
