CHANCE COMPANY Partial Income Statement For the year ended Decmeber 31,2021 |
||
Income from Continuing operations | $ 690,000 | |
Discontinued operations gain(loss) : | ||
Loss from operations of discontinued component ( [ $ 740,000 (-) $ 1,290,000 (-) $ 160,000 ) |
($ 710,000) | |
Income tax benefit ( $ 710,000 x 25% ) |
$ 177,500 | |
Loss on discontinued operations | ($ 532,500 ) | |
Net income (Loss) | $ 157,500 | |
Earnings Per Share: | ||
Income from Continuing
operations ( $ 690,000 / 100,000 shares ) |
$ 6.90 | |
Loss from discontinued
operations ( $ 532,500 / 100,000 ) |
($ 5.33) | |
Net Income | $ 1.57 |
Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both...
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 $680,000. The book value of the division's assets was $1,170,000, resulting in a before-tax loss...
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. The book value of the division's assets was $1,330,000, resulting in a before-tax loss...
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 $610,000. The book value of the division's assets was $1,020,000, resulting in a before tax...
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 $610,000. The book value of the division's assets was $1,020,000, resulting in a before tax...
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 $600,000. The book value of the division's assets was $1,000,000, resulting in a before tax...
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 $770,000. The book value of the division's assets was $1,350,000, resulting in a before-tax loss...
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 $770,000. The book value of the division's assets was $1,350,000, resulting in a before-tax loss...
2 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 $780,000. The book value of the division's assets was $1,370,000, resulting in a before-tax...
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 $790,000. The book value of the division’s assets was $1,390,000, resulting in a before-tax loss...
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 $750,000. The book value of the division’s assets was $1,310,000, resulting in a before-tax loss...