Homework Answers
5) (C) After income from continuing operations
As per US GAAP, discontinued operations are reported after income from continued operations.
6) (D) Extraorinary item classification has been eliminated for U.S.GAAP
In 2015, FASB (Financial Accounting Standards Board) has eliminated the concept of extra ordinary items from US GAAP.
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5.) Discontinued operations are reported as follows on the income statement: A. Wherever the preparer of...
QUESTION 24 An income statement would not include OA discontinued operations. OB dividends paid. OC other...
QUESTION 24 An income statement would not include OA discontinued operations. OB dividends paid. OC other revenue and gains. OD extraordinary items. QUESTION 26 Generally, the most important category on the statement of cash flows is cash flows from OA operating activities. OB investing activities OC. financing activities OD. significant noncash activities
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a...
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000* Weighted average number of shares outstanding 20,000 Applicable tax rate 40% *Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc. Partial Income Statement For the Year Ended December 31 Income from...
1. The amounts disclosed to arrive at income from continuing operations are: A. Normal and recurring...
1. The amounts disclosed to arrive at income from continuing operations are: A. Normal and recurring revenues and expenses B. Normal and recurring revenues and expenses plus extraordinary gains and losses C. Normal and recurring revenues and expenses plus prior period losses D. All revenue and expense items from the period 2. The presentation of extraordinary items on the Income Statement: A. Should be included as normal and recurring revenues/expenses B. Should be separated out as a nonrecurring item C....
During its 2021 fiscal year, Jacobsen Corporation reported before-tax income of $629,000. This amount does not...
During its 2021 fiscal year, Jacobsen Corporation reported before-tax income of $629,000. This amount does not include the following two items, both of which are considered to be material in amount: Unusual gain Loss on discontinued operations $209,000 (309,000) The company's income tax rate is 25%. Jacobsen Corporation prepares its financial statements applying U.S. GAAP. In its 2021 income statement, Jacobsen would report income from continuing operations of: Multiple Choice $628,500. $471,750. $629,000. $391,750.
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue $ 28,000 Interest 300 revenue Interest 500 expense Cost of goods sold Selling and administrative expense Restructuring costs $ 15,500 3,500 1,800 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.6 million and...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4,4-5) Rembrandt Paint Company had...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4,4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 24,000 220 420 Cost of goods sold Selling and administrative expense Restructuring costs $ 13,500 3,100 1,400 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.2 million and a...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5] Rembrandt Paint Company...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5] Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 22,000 180 380 Cost of goods sold Selling and administrative expense Restructuring costs $ 12,500 2,900 1,200 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2 million and...
P 4-6 Income statement presentation; discontinued operations; EPS LO4-1, LO4-3, LO4-4, L04-5 Rembrandt Paint Company had...
P 4-6 Income statement presentation; discontinued operations; EPS LO4-1, LO4-3, LO4-4, L04-5 Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): $18,000 Sales revenue Interest revenue 100 Interest expense 300 Cost of goods sold 10,500 Selling and administrative expense 2,500 800 Restructuring costs Page 221 In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a...
Extraordinary items are found on the income statement Select one: O a. After prior period adjustments...
Extraordinary items are found on the income statement Select one: O a. After prior period adjustments O b. After discontinued operations. O c. Before discontinued operations. d. Before income from continuing operations Haven Corporation issued $700,000 of 10-year bonds payable at par in 2014. During 2018 Haven paid $50,000 interest and an additional $233,333 to retire one-third of the bonds at par. These activities would be reported in Haven's statement of cash flows for 2018 as: Select one: O a....
Problem 4-3 Maher Inc. reported income from continuing operations before taxes during 2014 of $816,100. Additional...
Problem 4-3 Maher Inc. reported income from continuing operations before taxes during 2014 of $816,100. Additional transactions occurring in 2014 but not considered in the $816,100 are as follows. 1. The corporation experienced an uninsured flood loss (extraordinary) in the amount of $97,300 during the year. The tax rate on this item is 46%. 2. At the beginning of 2012, the corporation purchased a machine for $59,400 (salvage value of $9,900) that had a useful life of 6 years. The...
QUESTION 24 An income statement would not include OA discontinued operations. OB dividends paid. OC other revenue and gains. OD extraordinary items. QUESTION 26 Generally, the most important category on the statement of cash flows is cash flows from OA operating activities. OB investing activities OC. financing activities OD. significant noncash activities
During its 2021 fiscal year, Jacobsen Corporation reported before-tax income of $629,000. This amount does not include the following two items, both of which are considered to be material in amount: Unusual gain Loss on discontinued operations $209,000 (309,000) The company's income tax rate is 25%. Jacobsen Corporation prepares its financial statements applying U.S. GAAP. In its 2021 income statement, Jacobsen would report income from continuing operations of: Multiple Choice $628,500. $471,750. $629,000. $391,750.
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue $ 28,000 Interest 300 revenue Interest 500 expense Cost of goods sold Selling and administrative expense Restructuring costs $ 15,500 3,500 1,800 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.6 million and...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4,4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 24,000 220 420 Cost of goods sold Selling and administrative expense Restructuring costs $ 13,500 3,100 1,400 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.2 million and a...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5] Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 22,000 180 380 Cost of goods sold Selling and administrative expense Restructuring costs $ 12,500 2,900 1,200 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2 million and...
P 4-6 Income statement presentation; discontinued operations; EPS LO4-1, LO4-3, LO4-4, L04-5 Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): $18,000 Sales revenue Interest revenue 100 Interest expense 300 Cost of goods sold 10,500 Selling and administrative expense 2,500 800 Restructuring costs Page 221 In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a...
Extraordinary items are found on the income statement Select one: O a. After prior period adjustments O b. After discontinued operations. O c. Before discontinued operations. d. Before income from continuing operations Haven Corporation issued $700,000 of 10-year bonds payable at par in 2014. During 2018 Haven paid $50,000 interest and an additional $233,333 to retire one-third of the bonds at par. These activities would be reported in Haven's statement of cash flows for 2018 as: Select one: O a....
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