Venti Corporation Had Income from Continuing Operations of $420000 for the Year

question 152

Essay

Venti Corporation had income from continuing operations of $420000 for the year ended December 31 2017. It also had the following item (before income taxes):
1. Loss of $50000 on discontinuance of a division.
All items are subject to income taxes at a 25% tax rate.
Instructions
Prepare a partial income statement beginning with income from continuing operations.

---

Definitions:

Complexity

The state or quality of being intricate or complicated, often relating to systems, organizations, or situations with multiple interconnected parts.

Divide Labour

Division of labor refers to the allocation of different tasks, roles, or responsibilities to different individuals or groups in order to improve efficiency and productivity in a workplace or economic system.

Mechanistic Structures

Organizational forms characterized by rigid hierarchies, high levels of formalization, and a narrow span of control.

Organic Structures

Organic structures in organizations are flexible and decentralized forms of operation that allow for free flow of information and are adaptive to changes, encouraging innovation and collaboration.