On December 31, 2021, the end of the fiscal year, RE Industries
completed the sale of its robotics business for $11.0 million. The
robotics business segment qualifies as a component of the entity
according to GAAP. The book value of the assets of the segment was
$8.0 million. The income from operations of the segment during 2021
was $5.0 million. Pretax income from continuing operations for the
year totaled $13.0 million. The income tax rate is 25%.
Prepare the lower portion of the 2021 income statement beginning
with income from continuing operations before income taxes. Ignore
EPS disclosures. (Amounts to be deducted and negative
amounts should be indicated with a minus sign. Enter your answers
in whole dollars and not in millions. For example, $4,000,000
rather than $4.)
On December 31, 2021, the end of the fiscal year, RE Industries completed the sale of...
On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $11.0 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8.0 million. The income from operations of the segment during 2021 was $5.0 million. Pretax income from continuing operations for the year totaled $13.0 million. The income tax rate is 25%. Prepare the lower portion...
On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.8 million, The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.9 million. The income from operations of the segment during 2021 was $4.9 million, Pretax income from continuing operations for the year totaled $12.9 million. The income tax rate is 25%. Prepare the lower...
On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9.6 million The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.3 million. The income from operations of the segment during 2021 was $4.3 million. Pretax income from continuing operations for the year totaled $12.3 million. The income tax rate is 25%. Prepare the lower...
On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9.2 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.1 million. The income from operations of the segment during 2021 was $4.1 million. Pretax income from continuing operations for the year totaled $12.1 million. The income tax rate is 25%. Prepare the lower...
On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $13.0 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $9.0 million. The income from operations of the segment during 2018 was $6.0 million. Pretax income from continuing operations for the year totaled $14.0 million. The income tax rate is 40%. Prepare the lower portion...
2. On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.4 million The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $77 million. The income from operations of the segment during 2021 was $4.7 million Pretax income from continuing operations for the year totaled $12.7 million. The Income tax rate is 25% Prepare the...
4 On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $12.6 million The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8.8 million. The income from operations of the segment during 2021 was $5.8 million, Pretax income from continuing operations for the year totaled $13.8 million. The income tax rate is 25%. Prepare the...
On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $11.4 million The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $82 million. The income from operations of the segment during 2021 was $5.2 million Pretax income from continuing operations for the year totaled $13.2 million. The income tax rate is 25% Prepare the lower...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $16 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $15 million. The loss from operations of the segment during 2021 was $4.1 million. Pretax income from continuing operations for the year totaled $7.3 million. The income tax rate is 25%. Prepare the...
1. On December 31, 2020, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $8 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $10 million. The loss from operations of the segment during 2020 was $6 million. Income from continuing operations before income taxes for the year totaled $12 million. The income tax rate is 25% Prepare...