Homework Answers
Answer:
Discontinued operation's gain or loss is always reported net of tax.
In this case the pretax loss is $702,000.
Thus loss, net of tax, will be = 702,000*(1-tax rate) = 702,000*(1-27%)
= $512,460
| Discontinued operations | |
| Loss on disposal of Mexico facility, net of 189,540 (702,000*27%) tax savings | 512,460 |
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Question 1 --/1 View Policies Current Attempt in Progress On June 30, Flint Corporation discontinued its...
On June 30, Indigo Corporation discontinued its operations in Mexico. On September 1, Indigo disposed of...
On June 30, Indigo Corporation discontinued its operations in Mexico. On September 1, Indigo disposed of the Mexico facility at a pretax loss of $718,000. INDIGO CORPORATION Partial Statement of Comprehensive Income oss of $718,000. The applicable tax rate is 25%. Show the discontinued operations section of Indigo's statement of comprehensive income.
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 6 View Policies Current Attempt in Progress The tollowing information is available for Flint Corporation...
Question 6 View Policies Current Attempt in Progress The tollowing information is available for Flint Corporation for the year ended December 31, 2017: Other rvenuns and gains S643,600 $9,900 Sales revenue 254,900 Other expenses and lasses 13,100 Operating expersns 236,600 Sales returns and allowances 40000 Cost of goods spld Other comprehensive income 5,900 Prepere a multiple-step income statement for Flint Carporation. and comprehensive income statement. The company has a tax rate of 30 % This rate also applies to the...
Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the...
Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the net method to account for cash discounts. On June 1, 2020. it made sales of $64.800 with terms 2/15, 1/45. On June 12, 2020. Flint received full payment for the June 1 sale. Prepare the required journal entries for Flint Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically...
Question 2 View Policies Current Attempt in Progress In its income statement for the year ended...
Question 2 View Policies Current Attempt in Progress In its income statement for the year ended December 31, 2019, Sunland Company reported thef Operating expenses Interest revenue $32,380 $768,410 1,338,000 Loss on disposal of plant assets Cost of goods sold Interest expense 72,070 Net sales 18,030 2.422,500 6,550 other comprehensive income Prepare a multiple-step Income statement. (List other revenues before other expenses Sunland Company Income Statement For the Year Ended December 31, 2019 $ eTextbook and Media List of Accounts...
need help pls --/25 Question 6 View Policies Current Attempt in Progress Kingbird Inc. reported income...
need help pls
--/25 Question 6 View Policies Current Attempt in Progress Kingbird Inc. reported income from continuing operations before taxes during 2020 of $818,700. Additional transactions occurring in 2020 but not considered in the $818,700 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $96,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $61,200 (salvage value of $10,200) that had a useful life of 6 years....
Question 3 View Policies Current Attempt In Progress During 2020, Vaughn Company changed from FIFO to...
Question 3 View Policies Current Attempt In Progress During 2020, Vaughn Company changed from FIFO to weighted average inventory pricing Pretax income in 2019 and 2018 (Vaughn's first year of operations) under FIFO was $172,490 and $186,830, respectively. Pretax income using weighted average pricing in the prior years would have been $154,000 in 2019 and $188,000 in 2018. In 2020, Vaughn reported pretax income (using weighted average pricing) of $220,600. Show comparative Income statements for Vaughn, beginning with "Income before...
Question 2 View Policies Current Attempt in Progress For its fiscal year ending October 31, 2022,...
Question 2 View Policies Current Attempt in Progress For its fiscal year ending October 31, 2022, Marigold Corp.reports the following partial data shown below. Income before income taxes $469,800 Income tax expense (20% * $365,400) 73,080 Income from continuing operations 396,720 Loss on discontinued operations 104,400 Net income $292,320 The loss on discontinued operations was comprised of a $43,500 loss from operations and a $60,900 loss from disposal. The income tax rate is 20% on all items. Prepare a correct...
Question 7 --/1 View Policies Current Attempt in Progress The income statement for Regina Cleaning Services...
Question 7 --/1 View Policies Current Attempt in Progress The income statement for Regina Cleaning Services Ltd. for the year ended November 30 shows Service Revenue $109,400; Salaries Expense $61,2003; Repairs and Maintenance Expense $16,000; Supplies Expense $7,000; Utilities Expense $2,600; and Income Tax Expense $6,700. The statement of changes in equity shows an opening balance for Retained Earnings of $50,100 and Dividends Declared $11,000. (a) Calculate the net income or loss for the year. Net Income / loss $...
On June 30, Indigo Corporation discontinued its operations in Mexico. On September 1, Indigo disposed of the Mexico facility at a pretax loss of $718,000. INDIGO CORPORATION Partial Statement of Comprehensive Income oss of $718,000. The applicable tax rate is 25%. Show the discontinued operations section of Indigo's statement of comprehensive income.
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 6 View Policies Current Attempt in Progress The tollowing information is available for Flint Corporation for the year ended December 31, 2017: Other rvenuns and gains S643,600 $9,900 Sales revenue 254,900 Other expenses and lasses 13,100 Operating expersns 236,600 Sales returns and allowances 40000 Cost of goods spld Other comprehensive income 5,900 Prepere a multiple-step income statement for Flint Carporation. and comprehensive income statement. The company has a tax rate of 30 % This rate also applies to the...
Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the net method to account for cash discounts. On June 1, 2020. it made sales of $64.800 with terms 2/15, 1/45. On June 12, 2020. Flint received full payment for the June 1 sale. Prepare the required journal entries for Flint Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically...
Question 2 View Policies Current Attempt in Progress In its income statement for the year ended December 31, 2019, Sunland Company reported thef Operating expenses Interest revenue $32,380 $768,410 1,338,000 Loss on disposal of plant assets Cost of goods sold Interest expense 72,070 Net sales 18,030 2.422,500 6,550 other comprehensive income Prepare a multiple-step Income statement. (List other revenues before other expenses Sunland Company Income Statement For the Year Ended December 31, 2019 $ eTextbook and Media List of Accounts...
need help pls
--/25 Question 6 View Policies Current Attempt in Progress Kingbird Inc. reported income from continuing operations before taxes during 2020 of $818,700. Additional transactions occurring in 2020 but not considered in the $818,700 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $96,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $61,200 (salvage value of $10,200) that had a useful life of 6 years....
Question 3 View Policies Current Attempt In Progress During 2020, Vaughn Company changed from FIFO to weighted average inventory pricing Pretax income in 2019 and 2018 (Vaughn's first year of operations) under FIFO was $172,490 and $186,830, respectively. Pretax income using weighted average pricing in the prior years would have been $154,000 in 2019 and $188,000 in 2018. In 2020, Vaughn reported pretax income (using weighted average pricing) of $220,600. Show comparative Income statements for Vaughn, beginning with "Income before...
Question 2 View Policies Current Attempt in Progress For its fiscal year ending October 31, 2022, Marigold Corp.reports the following partial data shown below. Income before income taxes $469,800 Income tax expense (20% * $365,400) 73,080 Income from continuing operations 396,720 Loss on discontinued operations 104,400 Net income $292,320 The loss on discontinued operations was comprised of a $43,500 loss from operations and a $60,900 loss from disposal. The income tax rate is 20% on all items. Prepare a correct...
Question 7 --/1 View Policies Current Attempt in Progress The income statement for Regina Cleaning Services Ltd. for the year ended November 30 shows Service Revenue $109,400; Salaries Expense $61,2003; Repairs and Maintenance Expense $16,000; Supplies Expense $7,000; Utilities Expense $2,600; and Income Tax Expense $6,700. The statement of changes in equity shows an opening balance for Retained Earnings of $50,100 and Dividends Declared $11,000. (a) Calculate the net income or loss for the year. Net Income / loss $...
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