Income statements shows the revenue and expenses earned and incurred during the period which is used to calculate net income | ||||
CALIFORNIA MICROTECH CORPORATION | ||||
Partial Income statement | ||||
For the year ended December 31, 2021 | ||||
Income from continuing operations before income taxes | $6,000,000 | |||
Income taxes | $1,500,000 | (6000000*25%) | ||
Income from continuing operations | $4,500,000 | |||
Discontinued operations: | ||||
Loss from operations of discontinued component | -$4,800,000 | |||
Income tax benefit @ 25% | $1,200,000 | |||
Income (loss) on discontinued operation | -$3,600,000 | |||
Net income (loss) | $900,000 | |||
There is impairment loss of $1 million on asset as fair value of asset is lower than its book value | ||||
The impairment loss is added to loss from operation (3.8 million+1 million) | ||||
The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according...
The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP.. The book value of the assets of the segment was $13 million. The loss from operations of the segment during 2021 was $4.8 million. Pretax income from continuing operations for the year totaled $7.8 million. The income tax rate is 25%. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value...
The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $18 million. The loss from operations of the segment during 2021 was $4.5 million. Pretax income from continuing operations for the year totaled $7.2 million. The income tax rate is 25%. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value...
The semiconductor business of the California Microtech Corporation 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%, Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value...
The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2021 was $4.60 million Pretax income from continuing operations for the year totaled $760 million. The income tax rate is 25%. Assume instead that the estimated fair value of the segment's assets, less costs to sell on December 31 was $6 million...
The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP.. The book value of the assets of the segment was $18 million. The loss from operations of the segment during 2021 was $4.5 million. Pretax income from continuing operations for the year totaled $7.2 million. The income tax rate is 25%. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value...
The semiconductor business of the California Microtech Corporation 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 2021 was $4.70 million. Pretax income from continuing operations for the year totaled $7.70 million. The income tax rate is 25%. Assume instead that the estimated fair value of the segment's assets, less costs to sell, on December 31 was $8 million...
The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP.. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2021 was $3.3 million. Pretax income from continuing operations for the year totaled $7.0 million. The income tax rate is 25%. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value...
The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP The book value of the assets of the segment was $11 million. The loss from operations of the segment during 2021 was $400 million Pretax income from continuing operations for the year totaled $720 million. The income tax rate is 25%. Assume instead that the estimated fair value of the segment's assets, less costs to sell, on December 31 was $9 million...
The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $12 million. The loss from operations of the segment during 2021 was $3.90 million. Pretax income from continuing operations for the year totaled $6.50 million. The income tax rate is 25%. Assume instead that the estimated fair value of the segment's assets, less costs to sell, on December 31 was $10 million...
4 Homework The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $17 million. The loss from operations of the segment during 2021 was $3.2 million Pretax income from continuing operations for the year totaled $6.0 million. The income tax rate is 25%. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated...