Which of the following items is not included in the calculation of income from continuing operations?...
Homework Answers
Income tax expense, Loss on sale of equipment and gross profit all are the item which is included in calculation of income from continuing operation.
But gain from discontinued operation is not continuing operations gain so it should not be recorded for income from continuing operation
So answer is b) Gain from discontinued operations
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Which of the following items is not included in the
calculation of income from continuing operations?...
Which of the following items is included in the calculation of income from continuing operations? Income...
Which of the following items is included in the calculation of income from continuing operations? Income Tax Expense Loss from Discontinued Operations Gain from Discontinued Operations Earnings Per Share
Which of the following items appear on the corporate income statement before income from continuing operations?...
Which of the following items appear on the corporate income statement before income from continuing operations? a. Extraordinary gain b. Loss on discontinued operations c. Cumulative effect of a change in accounting principle d. Income tax expense
2a: what is the amount of income from continuing operations before income tax? *THE ANSWER IS...
2a: what is the amount of income from continuing operations
before income tax? *THE ANSWER IS NOT $359520 SO IF YOU GET THAT
ITS WRONG*
2b
2c
3
4
are in photos
Required information [The following information applies to the questions displayed below.) Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit 14,800 $ $ 34,800 26,650 44,800 107,200 72,400 44,800 176,100 a. Interest revenue b. Depreciation expense-Equipment...
Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2017....
Trayer Corporation has income from continuing operations of
$256,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
securities
2. A gain of $32,000 on the discontinuance of a division
(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
that resulted in a $30,000 understatement of 2016 net income....
Exercise 18-02 Trayer Corporation has income from continuing operations of $256,000 for the year ended December...
Exercise 18-02 Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $86,000 on available-for-sale securities. 2. A gain of $32,000 on the discontinuance of a division (comprised of a $18,000 loss from operations and a $50,000 gain on disposal). Assume all items are subject to income taxes at a 25% tax rate. Prepare a statement of comprehensive income,...
Which of the following items would be included in the discontinued operations section of the income...
Which of the following items would be included in the discontinued operations section of the income statement? A. The gain or loss on disposal of the segment. B. Both the income or loss from operating the segment prior to its disposal, and the gain or loss on disposal of the segment. C. Income or loss from operating the segment prior to its disposal. D. Only losses and not gains on the disposal of a segment. 2. All things being equal,...
91.Which of the following is not included in income from continuing? operations? A.gain on sale of...
91.Which of the following is not included in income from continuing? operations? A.gain on sale of machinery B.a segment of a business that has been discontinued C.cost of goods sold D.losses due to lawsuits 93. Dallas Company has gross pay for March of? $50,000. The journal entry to record salaries expense would include a debit to Salaries and Wages Payable for? $50,000. True or False
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020....
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available for sale securities. 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income,...
The following data include all the elements from Tuche Millinery income statement: $231 263 Administrative Expense...
The following data include all the elements from Tuche Millinery income statement: $231 263 Administrative Expense Cost of Goods Sold Gain on Sale of Securities Income Tax Expense Loss on Discontinued Operations Loss on Disposal of Equipment Revenue Selling Expense 865 124 What is the amount of income from continuing operations for Tuche Millinery? Group of answer choices $175 $247 $145 $302
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...
Which of the following items is included in the calculation of income from continuing operations? Income Tax Expense Loss from Discontinued Operations Gain from Discontinued Operations Earnings Per Share
2a: what is the amount of income from continuing operations
before income tax? *THE ANSWER IS NOT $359520 SO IF YOU GET THAT
ITS WRONG*
2b
2c
3
4
are in photos
Required information [The following information applies to the questions displayed below.) Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit 14,800 $ $ 34,800 26,650 44,800 107,200 72,400 44,800 176,100 a. Interest revenue b. Depreciation expense-Equipment...
Trayer Corporation has income from continuing operations of
$256,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
securities
2. A gain of $32,000 on the discontinuance of a division
(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
that resulted in a $30,000 understatement of 2016 net income....
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available for sale securities. 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income,...
The following data include all the elements from Tuche Millinery income statement: $231 263 Administrative Expense Cost of Goods Sold Gain on Sale of Securities Income Tax Expense Loss on Discontinued Operations Loss on Disposal of Equipment Revenue Selling Expense 865 124 What is the amount of income from continuing operations for Tuche Millinery? Group of answer choices $175 $247 $145 $302
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