Question

Fox, Inc. provided the following partial-trial balance (selected accounts) for the year ended December 31, 2018....

Fox, Inc. provided the following partial-trial balance (selected accounts) for the year ended December 31, 2018. During 2018, Fox sold Division A, not Division B. Fox is subject to a 30% income tax rate.
Accounts Debit Credit
Sales 325,500
Income from Discontinued Operations-Div. A 3,830
Interest Income 1,450
Gain on Disposal of Plant Assets-Div. B 14,500
Unrealized Gain on Available-for-sale
Marketable Securities 12,000
Cost of Goods Sold 130,600
Office Supplies Expense 4,500
Sales Salaries Expense 8,390
Selling Expenses 11,210
Accounting Fees—General Expense 2,400
Advertising Expense 6,660
Office Salaries Expense 21,480
Depreciation Expense 18,600
Interest Expense 2,570
Loss on Asset Impairment 1,840
Dividends 10,500


What amount will appear in Fox's 2018 income statement immediately above the net income amount?
Group of answer choicest
$3,830
$1,149
$4,979
$2,681
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Amount that will appear in Fox's 2018 income statement immediately above the net income amount:-

Answer:- $2,681

Computation:-

Income from Discontinued Operations:

Income from Discontinued Operations-Div. A $3,830

Less Income Tax @30% (1,149)

Net Effect of Income from Discontinued Operations $2,681

Please give a Thumbs up ? Thanks!!

Add a comment
Know the answer?
Add Answer to:
Fox, Inc. provided the following partial-trial balance (selected accounts) for the year ended December 31, 2018....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Colleen’s Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit...

    Colleen’s Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,403,000 Accumulated Other Comprehensive Income, Beginning Balance $60,275 Dividends 62,000 Sales 1,520,000 Interest Income 3,900 Dividend Income 3,050 Gain on Sale of Property 6,800 Gain on Disposal of Plant Assets 70,000 Unrealized Gain on Trading Investments 27,850 Unrealized Gain on Available-for-Sale Bonds Before Tax 3,700 Gain on Sale of Discontinued Operations Before Tax 54,300 Cost of Goods Sold 400,000...

  • Carson Corporation provided the following​ partial-trial balance for the current year. Carson Corporation Trial Balance (Selected...

    Carson Corporation provided the following​ partial-trial balance for the current year. Carson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $1,370 Sales $190,000 Dividend Income 530 Interest Income 1,300 Gain on Disposal of Plant Assets 960 Unrealized Gain on Trading Investments 1,600 Cost of Goods Sold 40,000 Office Supplies Expense 5,000 Sales Salaries Expense 4,200 Selling Expenses 9,000 Accounting and Legal Fees—General Expense 770 Advertising Expense 3,600 Office Salaries Expense 7,100 Depreciation Expense—General...

  • The following is the adjusted trial balance of Marie, Inc., at December 31, 2018, the end...

    The following is the adjusted trial balance of Marie, Inc., at December 31, 2018, the end of the current year. The retained earnings balance was $11,500 at January 1, 2018, the beginning of the current year. Marie, Inc. Adjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash $83,600 Accounts Receivable 29,000 Prepaid Insurance 3,500 Office Supplies 3,200 Building 207,000 Accumulated Depreciation—Building $26,500 Land 47,000 Accounts Payable 25,000 Salaries Payable 5,000 Unearned Revenue 27,000 Mortgage Payable 103,000 Common Stock 16,000...

  • Presented here are the accounts of Golden City Barbershop for the year ended December 31, 2018....

    Presented here are the accounts of Golden City Barbershop for the year ended December 31, 2018. (Click the icon to view the accounts.) Requirements Prepare Golden City's Barbershop's income statement Prepare the statement of retained carnings 3. Prepare the balance sheet 2. Golden City Barbershop Income Statement Year Ended December 31, 2018 Revenue $ 192,000 Data Table Service Revenue Expenses Property Tax expenso Rent Expense Salaries Expense Advertising Expense S $ 3,200 11,000 68,000 20,000 2,400 6,900 Common Stock Accounts...

  • The following data were provided by Mystery Incorporated for the year ended December 31: Cost of...

    The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 161,000 Income Tax Expense 16,590 Merchandise Sales (gross revenue) for Cash 232,000 Merchandise Sales (gross revenue) on Credit 40,400 Office Expenses 18,600 Sales Returns and Allowances 6,810 Salaries and Wages Expense 38,600 1. Prepare a multistep income statement. MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries and Wages...

  • Cara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit...

    Cara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Common Stock (no par): Beginning Balance $466,000 Retained Earnings: Beginning Balance 2,100,000 Accumulated Other Comprehensive Income: Beginning Balance $71,000 Dividends 77,000 Sales 1,600,000 Interest Income 5,200 Dividend Income 3,600 Gain on Disposal of Plant Assets 78,000 Unrealized Gain on Trading Securities 41,000 Gain on Sale of Discontinued Operations-Before Tax 60,000 Unrealized Gain on Available-for-Sale Bonds-Before Tax 4,500 Cost of Goods Sold 530,000 Selling Expenses...

  • %) E57 (similar to) Trial balance Cassie's Cookle Company provided the following accounts from its year...

    %) E57 (similar to) Trial balance Cassie's Cookle Company provided the following accounts from its year end trial balanoe E(Clok the loon to view the yearend trial balance accounts) The company is subjet to a 45% home tax rate. 81,000 73,000 Aooumulated Other Comprehensive Income: Beginning Balance 2,600,000 Sales Interest Income Dividend Income Gain on Disposal of Plant Assels Unrealized Gain on Tradng Securites Gain on Sale of Discontinued Operations Before Tax Unrealined Gain on Available-for Sale Bonde-Before Tax Cost...

  • Carson Corporation provided the following​ partial-trial balance for the current year. Prepare a​ single-step income statement...

    Carson Corporation provided the following​ partial-trial balance for the current year. Prepare a​ single-step income statement for the year ended December 31. Carson is subject to a 40​% income tax rate. ​(Round all amounts to the nearest whole​ dollar.) Carson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $1,370 Sales $190,000 Dividend Income 530 Interest Income 1,300 Gain on Disposal of Plant Assets 960 Unrealized Gain on Trading Investments 1,600 Cost of Goods...

  • Carson Corporation provided the following​ partial-trial balance for the current year. Prepare a statement of net...

    Carson Corporation provided the following​ partial-trial balance for the current year. Prepare a statement of net income and additional disclosures that would meet IFRS requirements. Indicate items that IFRS requires be reported on the statement of net income. Carson is subject to a 40​% income tax rate. Use the condensed format Carson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $1,330 Sales $190,000 Dividend Income 550 Interest Income 1,200 Gain on Disposal of...

  • The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial...

    The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepaid Insurance 2,100 Office Equipment 18,300 Accumulated Depreciation: Office Equipment $ 600 Accounts Payable 3,600 Capital Stock 15,300 Retained Earnings 2,700 Dividends 1,100 Revenue 21,750 Salaries Expense Utilities Expense Rent Expense Depreciation Expense 6,600 1,800 2,700 600 552 $43.950 $43.950 Income Taxes Expense Instructions: Using Adjusted Trial Balance above: (1)...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT