Homework Answers
Discontinued operating before tax = 40000
Tax on discontinued operation = 40000*20% = 8000
Discontinued operation after tax = 40000-8000 = 32000
So answer is a) Increase of $32000
Add Answer to:
Question 38 If a company has a discontinued operations gain of $40,000 and a 20% tax...
Only need the values of income from operations of discontinued component, Income tax expense, income from...
Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
Rembrandt Paint Company had the following Income statement Items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 27,00€ 282 480 Cost of goods sold Selling and administrative expense Restructuring costs $ 15,000 3,400 1,7ee In addition, during the year the company completed the disposal of its plastics...
plz help with all parts QUESTION 3 Blue Baker Company has a tax rate of 20...
plz help with all parts
QUESTION 3 Blue Baker Company has a tax rate of 20 percent and income from operations of $1,392,000 in 2020. It also has the following items (gross amounts). Unusual loss Discontinued operations loss Gain on disposal of equipment Change in accounting principle increasing prior year's income Required: 1. What is the income from continuing operations before taxes? $222,000 606,000 48,000 318,000 2. What is the amount of income tax expense Blue Baker would report on...
Presented below is information related to Starr Company. 1. Net Income [including a discontinued operations gain...
Presented below is information related to Starr Company. 1. Net Income [including a discontinued operations gain (net of tax) of $69,000] $229,500 2. Capital Structure a. Cumulative 5% preferred stock, $100 par, 6,300 shares issued and outstanding $630,000 b. $10 par common stock, 74,000 shares outstanding on January 1. On April 1, 40,000 shares were issued for cash. On October 1, 16,000 shares were purchased and retired. $1,000,000 c. On January 2 of the current year, Starr purchased Oslo Corporation....
please complete the question and show work Exercise 4-6 (Algo) Discontinued operations (L04-4, 4-5) Chance Company...
please complete the question and show work
Exercise 4-6 (Algo) Discontinued operations (L04-4, 4-5) Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2021, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 15, 2021, at a price of $760,000....
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued...
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,565,100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit $ 10,565,100 6,250,000 $ 4,315, 100 Selling & Administrative Selling expenses Administrative expenses 650,000 257,000...
Discontinued Operations Example: Company Comfort has income from continuing operations of $ 700 million. During the...
Discontinued Operations Example: Company Comfort has income from continuing operations of $ 700 million. During the year it disposed-off one of its segments Segment A for $ 120 million. The segment of the business earned revenue of $ 200 million and incurred costs of $ 150 million. Its book value was $ 100 million. Tax rate applicable to the company overall and the segment is 35%. Present net income for the period for the company in proper format.
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...
Consider the following: ACorp has the following: Earnings from Continuing Operations $2,300,000 Loss from Discontinued Operations $(1,800,000) Net...
Consider the following: ACorp has the following: Earnings from Continuing Operations $2,300,000 Loss from Discontinued Operations $(1,800,000) Net Operating Loss Carryforward of $4,000,000 that has a 100% Valuation Allowance Tax Rate is 21% Calculate the income tax expense/benefit for both Continuing and Discontinued operations. Assume no net operating loss carryforward and calculate the income tax expense/benefit for both Continuing and Discontinued operations
discontinued subsidiary accounted for 20% of revenues and 15% of all operating expenses. BE5-13. Discontinued Opera...
discontinued subsidiary accounted for 20% of revenues and 15% of all operating expenses. BE5-13. Discontinued Operations. Jojo, Inc. held a discontinued operation as of December 31, 2018. The operating loss from the discontinued operation was $500,000 for the period. As of December 31, 2018, the net assets of the discontinued operations had decreased in fair value by S272,000. Jojo's tax rate is 30%. Prepare the discontinued operations part of its income statement. BE5.14. Discontinued Operations. Coftee Company committed to a...
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 $30,000 understatement of 2016 net income....
Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
Rembrandt Paint Company had the following Income statement Items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 27,00€ 282 480 Cost of goods sold Selling and administrative expense Restructuring costs $ 15,000 3,400 1,7ee In addition, during the year the company completed the disposal of its plastics...
plz help with all parts
QUESTION 3 Blue Baker Company has a tax rate of 20 percent and income from operations of $1,392,000 in 2020. It also has the following items (gross amounts). Unusual loss Discontinued operations loss Gain on disposal of equipment Change in accounting principle increasing prior year's income Required: 1. What is the income from continuing operations before taxes? $222,000 606,000 48,000 318,000 2. What is the amount of income tax expense Blue Baker would report on...
please complete the question and show work
Exercise 4-6 (Algo) Discontinued operations (L04-4, 4-5) Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2021, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 15, 2021, at a price of $760,000....
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,565,100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit $ 10,565,100 6,250,000 $ 4,315, 100 Selling & Administrative Selling expenses Administrative expenses 650,000 257,000...
Discontinued Operations Example: Company Comfort has income from continuing operations of $ 700 million. During the year it disposed-off one of its segments Segment A for $ 120 million. The segment of the business earned revenue of $ 200 million and incurred costs of $ 150 million. Its book value was $ 100 million. Tax rate applicable to the company overall and the segment is 35%. Present net income for the period for the company in proper format.
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...
discontinued subsidiary accounted for 20% of revenues and 15% of all operating expenses. BE5-13. Discontinued Operations. Jojo, Inc. held a discontinued operation as of December 31, 2018. The operating loss from the discontinued operation was $500,000 for the period. As of December 31, 2018, the net assets of the discontinued operations had decreased in fair value by S272,000. Jojo's tax rate is 30%. Prepare the discontinued operations part of its income statement. BE5.14. Discontinued Operations. Coftee Company committed to a...
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....
Most questions answered within 3 hours.
-
Computer Programming II CS141(Java)
Mention the appropriate relationship between following
classes:
HOD–StaffMember
Car–Ferrari
Student-Address
BankAccount–FixedAccount
House-Building...
asked 2 hours ago -
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 3 hours ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 4 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 5 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 5 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 5 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 6 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 6 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 9 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 10 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 10 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 10 hours ago