Homework Answers
| Indigo Corporation | |||
| Partial Statement of Comprehensive Income | |||
| Discontinued Operations: Loss on disposal of Mexico Facility net of ($718000*25%)=$179500 tax savings | -538500 | ||
| ($718000-$179500)=$538500 | |||
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On June 30, Indigo Corporation discontinued its operations in Mexico. On September 1, Indigo disposed of...
On June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of...
On June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of the Mexico facility at a pretax loss of $590,000. The applicable tax rate is 23%. Show the discontinued operations section of Flores's statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) FLORES CORPORATION Partial Statement of Comprehensive Income Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 13-01 On June 30, Ayayai Corp. discontinued its operations in Mexico. On September 1,...
Brief Exercise 13-01
On June 30, Ayayai Corp. discontinued its operations in Mexico.
On September 1, Ayayai disposed of the Mexico facility at a pretax
loss of $725,000. The applicable tax rate is 29%. Show the
discontinued operations section of Ayayai’s statement of
comprehensive income.
AYAYAI CORP.
Partial Statement of Comprehensive Income
Select an opening section name
DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal
ExpensesTotal RevenuesDiscontinued OperationsLoss on Disposal of
Mexico FacilityGain on Disposal of Mexico Facility
Select a subsection name
Dividends Expenses Net...
Question 1 --/1 View Policies Current Attempt in Progress On June 30, Flint Corporation discontinued its...
Question 1 --/1 View Policies Current Attempt in Progress On June 30, Flint Corporation discontinued its operations in Mexico. On September 1, Flint disposed of the Mexico facility at a pretax loss of $702,000. The applicable tax rate is 27%. Show the discontinued operations section of Flint's statement of comprehensive income. FLINT CORPORATION Partial Statement of Comprehensive Income eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
Results of Discontinued Operations On November 30, Fleiner Company announced its plans to discontinue the operations...
Results of Discontinued Operations On November 30, Fleiner Company announced its plans to discontinue the operations of Division P (a major component of the company) by selling the division. On December 31, Division P had not yet been sold and was classified as held for sale. On this date, Division P had assets with a book value of $920,000 and liabilities with a book value of $610,000. Fleiner estimates that the fair value of Division P on this date is...
Blue Corporation had income from continuing operations of $10,634,000 in 2017. During 2017, it disposed of...
Blue Corporation had income from continuing operations of
$10,634,000 in 2017. During 2017, it disposed of its restaurant
division at an after-tax loss of $206,700. Prior to disposal, the
division operated at a loss of $320,700 (net of tax) in 2017
(assume that the disposal of the restaurant division meets the
criteria for recognition as a discontinued operation). Blue had
10,000,000 shares of common stock outstanding during 2017. Prepare
a partial income statement for Blue beginning with income from
continuing...
Teal Corporation had income from continuing operations of $10,685,300 in 2017. During 2017, it disposed of...
Teal Corporation had income from continuing operations of $10,685,300 in 2017. During 2017, it disposed of its restaurant division at an after-tax loss of $207,200. Prior to disposal, the division operated at a loss of $315,300 (net of tax) in 2017 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Teal had 10,000,000 shares of common stock outstanding during 2017. Prepare a partial income statement for Teal beginning with income from continuing...
For the year ended December 31, 2020, Sweet Corporation had income before taxes and discontinued operations...
For the year ended December 31, 2020, Sweet Corporation had income before taxes and discontinued operations of $1,020,000. During the year, Sweet disposed of one of its business segments for a gain of $350,000 before tax. Sweet had 50,000 common shares outstanding during the year. The company was subject to a 30% income tax rate. Prepare the income statement for Sweet Corporation beginning with the line "Income from continuing operations before income tax." (Round earnings per share values to 2...
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a...
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000* Weighted average number of shares outstanding 20,000 Applicable tax rate 40% *Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc. Partial Income Statement For the Year Ended December 31 Income from...
The Culver Corporation had income from continuing operations of $13 million in 2020. During 2020, it...
The Culver Corporation had income from continuing operations of $13 million in 2020. During 2020, it disposed of its restaurant division at a loss of $80,000 (net of tax of $38,000). Before the disposal, the division operated at a loss of $220,000 (net of tax of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI of $43,000 (net of tax of $18,000) related to its FV-OCI equity investments. Culver had 10 million common shares outstanding during 2020. Prepare a...
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income...
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations and an $8,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include...
On June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of the Mexico facility at a pretax loss of $590,000. The applicable tax rate is 23%. Show the discontinued operations section of Flores's statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) FLORES CORPORATION Partial Statement of Comprehensive Income Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 13-01
On June 30, Ayayai Corp. discontinued its operations in Mexico.
On September 1, Ayayai disposed of the Mexico facility at a pretax
loss of $725,000. The applicable tax rate is 29%. Show the
discontinued operations section of Ayayai’s statement of
comprehensive income.
AYAYAI CORP.
Partial Statement of Comprehensive Income
Select an opening section name
DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal
ExpensesTotal RevenuesDiscontinued OperationsLoss on Disposal of
Mexico FacilityGain on Disposal of Mexico Facility
Select a subsection name
Dividends Expenses Net...
Question 1 --/1 View Policies Current Attempt in Progress On June 30, Flint Corporation discontinued its operations in Mexico. On September 1, Flint disposed of the Mexico facility at a pretax loss of $702,000. The applicable tax rate is 27%. Show the discontinued operations section of Flint's statement of comprehensive income. FLINT CORPORATION Partial Statement of Comprehensive Income eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
Results of Discontinued Operations On November 30, Fleiner Company announced its plans to discontinue the operations of Division P (a major component of the company) by selling the division. On December 31, Division P had not yet been sold and was classified as held for sale. On this date, Division P had assets with a book value of $920,000 and liabilities with a book value of $610,000. Fleiner estimates that the fair value of Division P on this date is...
Blue Corporation had income from continuing operations of
$10,634,000 in 2017. During 2017, it disposed of its restaurant
division at an after-tax loss of $206,700. Prior to disposal, the
division operated at a loss of $320,700 (net of tax) in 2017
(assume that the disposal of the restaurant division meets the
criteria for recognition as a discontinued operation). Blue had
10,000,000 shares of common stock outstanding during 2017. Prepare
a partial income statement for Blue beginning with income from
continuing...
Teal Corporation had income from continuing operations of $10,685,300 in 2017. During 2017, it disposed of its restaurant division at an after-tax loss of $207,200. Prior to disposal, the division operated at a loss of $315,300 (net of tax) in 2017 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Teal had 10,000,000 shares of common stock outstanding during 2017. Prepare a partial income statement for Teal beginning with income from continuing...
For the year ended December 31, 2020, Sweet Corporation had income before taxes and discontinued operations of $1,020,000. During the year, Sweet disposed of one of its business segments for a gain of $350,000 before tax. Sweet had 50,000 common shares outstanding during the year. The company was subject to a 30% income tax rate. Prepare the income statement for Sweet Corporation beginning with the line "Income from continuing operations before income tax." (Round earnings per share values to 2...
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations and an $8,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include...
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