the total loss on discontinued operations is:
the total loss on discontinued operations is:
Homework Answers
Q.4
| GOJO CORPORATION | |
| Income Stament | |
| Particulars | $ |
| Sales Revenue | 2000000 |
| less : COGS | (950000) |
| Gross Margin | 1050000 |
| Less :Expenses | |
| General Administrative Exp. | (137000) |
| Other Operating Exp. | (5000) |
| Net Income | 908000 |
| No. of Shares | 200000 |
| EPS [net income/no. of shares ] | 4.54 |
Q.5
| Particulars | $ |
| Net Income before tax | 908000 |
| les Tax 20% | (181600) |
| Net Income After tax | 726400 |
| Add : After Tax income From Conitune Operarion | 2500000 |
| Total Income | 3226400 |
| less : Pre Tax Loss | 40000 |
| net income | 3186400 |
In 2017, Linz Corporation reported a discontinued operations loss of $ 840,000, net of tax. It...
In 2017, Linz Corporation reported a discontinued operations loss of $ 840,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Linz had a weighted average of 500,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by
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
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...
Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of...
Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Useh Corp. had a weighted average of 200,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by Problem 6 - Discontinued Operations Using the following information (below) complete the Income Statement. Discontinued operations Pre-Tax...
What before-tax amount(s) should Mercedes report as loss on discontinued operations in its 2013 income statement?...
What before-tax amount(s) should Mercedes report as loss on discontinued operations in its 2013 income statement? On October 28, 2013, Mercedes Company committed to a plan to sell a division that qualified as a component of the entity according to GAAP regarding discontinued operations and was properly classified as held for sale on December 31, 2013, the end of the company's fiscal year. The division's loss from operations for 2013 was $2,000,000. The division's book value and fair value less...
Results of Discontinued Operations On November 30, Fleiner Company announced its plans to discontinue the operations...
Results of Discontinued Operations On November 30, Fleiner Company announced its plans to discontinue the operations of Division P (a major component of the company) by selling the division. On December 31, Division P had not yet been sold and was classified as held for sale. On this date, Division P had assets with a book value of $920,000 and liabilities with a book value of $610,000. Fleiner estimates that the fair value of Division P on this date is...
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...
How do you find the income (loss) from operations of discontinued component for requirement #3? The...
How do you find the income (loss) from operations of
discontinued component for requirement #3?
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Gain on sale of division 2021 2020 $ 16,700,000 $11,300,000 10,050,0006,850,000 6,650,000 4,450,000 3,880,000 3,280,000 2,770,000 1,170,000 770,000 3,540,000 1,170,000 885,000 292,500 $ 2,655,000 $ 877,500 Income tax expense Net income...
Which of the following requires interperiod tax allocation? Select one: O a. Discontinued Operations Loss O...
Which of the following requires interperiod tax allocation? Select one: O a. Discontinued Operations Loss O b. Municipal bond interest revenue O c. The use of similar depreciation computations for both book and tax purposes. O d. Probable, estimable contingent losses.
Discontinued Operations-
Need to know whether each case is a discontinued operation and show jusification of each situation(the ASC codification) Part A: In each of the following circumstances, determine whether the disposal would qualify as a discontinued operation. All companies are calendar year companies and the transactions are occurring in 2018. Give citations from the ASC to justify your answer.1. An entity manufactures and sells consumer products that are grouped into five major product lines. Each product line includes several individual products that...
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...
Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Useh Corp. had a weighted average of 200,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by Problem 6 - Discontinued Operations Using the following information (below) complete the Income Statement. Discontinued operations Pre-Tax...
Results of Discontinued Operations On November 30, Fleiner Company announced its plans to discontinue the operations of Division P (a major component of the company) by selling the division. On December 31, Division P had not yet been sold and was classified as held for sale. On this date, Division P had assets with a book value of $920,000 and liabilities with a book value of $610,000. Fleiner estimates that the fair value of Division P on this date is...
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...
How do you find the income (loss) from operations of
discontinued component for requirement #3?
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Gain on sale of division 2021 2020 $ 16,700,000 $11,300,000 10,050,0006,850,000 6,650,000 4,450,000 3,880,000 3,280,000 2,770,000 1,170,000 770,000 3,540,000 1,170,000 885,000 292,500 $ 2,655,000 $ 877,500 Income tax expense Net income...
Which of the following requires interperiod tax allocation? Select one: O a. Discontinued Operations Loss O b. Municipal bond interest revenue O c. The use of similar depreciation computations for both book and tax purposes. O d. Probable, estimable contingent losses.
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