The income statement of Tawls Company for the year ended December 31, 2012 2023 Business Finance

2023 The income statement of Tawls Company for the year ended December 31 2012 shows

The income statement of Tawls Company for the year ended December 31, 2012, shows the following:

Revenue from sales $ 980,000

Cost of products sold 510,000

Gross profit 470,000

Operating expenses:

Selling expenses $110,000

General expenses 140,000 250,000

Operating income 220,000

Equity on earnings of nonconsolidated subsidiary 60,000

Operating income before income taxes 280,000

Taxes related to operations 100,000

Net income from operations 180,000

Extraordinary loss from flood (less

applicable taxes of $50,000) (120,000)

Net income—noncontrolling interest (40,000)

Net income $ 20,000

a. Compute the net earnings remaining after removing nonrecurring items.
b. Determine the earnings from the nonconsolidated subsidiary.
c. For the subsidiary that was not consolidated, what amount of income would have been included if this subsidiary had been consolidated?
d. What earnings relate to minority shareholders of a subsidiary that was consolidated?
e. Determine the total tax amount.

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