WADE CORP | |||
Income Statement (Partial) | |||
For the year Ended December 31,2017 | |||
Income from continuing operations before tax | 1,200,000.00 | ||
Income Tax | 456,000.00 | ||
Income from continuing operations | 744,000.00 | ||
Discontinued Operations | |||
Loss from operations of discontinued subsidiary | 90,000.00 | ||
Less: Applicable income tax reduction | 34,200.00 | 55,800.00 | |
Loss from disposal of subsidiary | 100,000.00 | ||
Less: Applicable income tax reduction | 38,000.00 | 62,000.00 | |
Loss from discontinued operations (net of tax) | 117,800.00 | ||
Income before extraordinary item | 626,200.00 | ||
Extraordinary Item: | |||
Gain on condemnation | 125,000.00 | ||
Less: Applicable tax | 50,000.00 | 75,000.00 | |
Net Income | 701,200.00 |
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from...
Problem 4-7 Cullumber Corp. has 149,910 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,221,100 Additional transactions not considered in the $1,221,100 are as follows. 1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500...
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1. Concord Corp. has 150,240 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1.240,000. Additional transactions not considered in the $1.240,000 are as follows. In 2020, Concord Corp. sold equipment for $35,000. The machine had originally cost $84,900 and had accumulated depreciation of $31,700. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $194,900...
Please help Problem 4-7 Bridgeport Corp. has 150,240 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,400. Additional transactions not considered in the $1,210,400 are as follows In 2017, Bridgeport Corp. sold equipment for $38,300. The machine had originally cost $83,600 and had accumulated depreciation of $31,900. The gain or loss is considered non-recurring. 1. The company discontinued operations criteria for discontinued operations. The loss from operations of the discontinued...
Your answer is partially correct. Try again. Cullumber Corp. has 149,910 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,221,100. Additional transactions not considered in the $1,221,100 are as follows. 1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is considered non-recurring. The company discontinued operations of one of its subsidiaries during the current...