Homework Answers
Question No : 43
Correct order for the following items appearing in the income tax statement prepared :
1. Revenue
2. Income from continuing operations
3. Discontinued operations
4. Prior period adjustment
5. Expenses
6. Taxes on income from continuing operations l
7. Dividends
8. Net Income
Question No: 44
- A prior period adjustment to the beginning retained earning balance.
Question No : 45
- Disposal of part of line business
Question No : 46
True Statements:
1. Property and equipments should be carried at cost less accumulated depreciation
2. Property and equipments should be carried at the disposal value less accumulated depreciation
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Question 43 (2 points) Select the correct order for the following items appearing in an income...
Which of the following items would be included in the discontinued operations section of the income...
Which of the following items would be included in the discontinued operations section of the income statement? A. The gain or loss on disposal of the segment. B. Both the income or loss from operating the segment prior to its disposal, and the gain or loss on disposal of the segment. C. Income or loss from operating the segment prior to its disposal. D. Only losses and not gains on the disposal of a segment. 2. All things being equal,...
Using the following list of items, fill in the blanks for where the item belongs on...
Using the following list of items, fill in the blanks for where the item belongs on a multiple-step income statement. Use the Condensed Multiple-Step Income Statement format. You only need earnings per share for net income (don't need to separate out income from continuing operations or discontinued operations). Selling expenses, Cost of goods sold, Net sales, Income tax expense, Gross profit, Income from operations, Administrative expenses, Income before taxes, Discontinued operations, Other revenues and gains, Other expenses and losses, Income...
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from...
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as 1. In 2017, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,221,000. Additional transactions not considered in the $1,221.000 are as follows. 1. In 2020, Wildhorse Corp. sold equipment for $35,800. The machine had originally cost $84,300 and had accumulated depreciation of $33,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,200...
Swifty Corp. has 149,190 shares of common stock outstanding. In 2020, the company reports income from...
Swifty Corp. has 149,190 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,211,100. Additional transactions not considered in
the $1,211,100 are as follows.
1.
In 2020, Swifty Corp. sold
equipment for $37,400. The machine had originally cost $84,500 and
had accumulated depreciation of $32,900. The gain or loss is
considered non-recurring.
2.
The company discontinued
operations of one of its subsidiaries during the current year at a
loss of $194,600...
Question 5 "Adoption" means abandoning a country's financial reporting standards and replacing them with: Select one:...
Question 5 "Adoption" means abandoning a country's financial reporting standards and replacing them with: Select one: Not yet answered Marked out of 1 a. Securities and Exchange Commission Principles. Flag question b. Generally Accepted Accounting Principles. c.International Financial Accounting Standards. d. International Accounting Standards. Question 6 Which of the following items would be included in the discontinued operations section of the income statement? Not yet answered Select one: O a. Income or loss from operating the segment prior to its...
Esquire Comic Book Company had income before tax of $1,300,000 in 2018 before considering the following...
Esquire Comic Book Company had income before tax of $1,300,000 in 2018 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $380,000. The division generated before- tax income from operations from the beginning of the year through disposal of $560,000. Neither the loss on disposal nor the operating income is included in the $1,300,000 before-tax income the...
Please correct mistakes from previous attempt Esquire Comic Book Company had income before tax of $1,650,000...
Please correct mistakes from previous attempt
Esquire Comic Book Company had income before tax of $1,650,000 in 2016 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $415,000. The division generated before-tax income from operations from the beginning of the year through disposal of $630,000. Neither the loss on disposal nor the operating income is included in...
Esquire Comic Book Company had income before tax of $1,900,000 in 2021 before considering the following...
Esquire Comic Book Company had income before tax of $1,900,000 in 2021 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $430,000. The division generated before-tax income from operations from the beginning of the year through disposal of $680,000. 2. The company incurred restructuring costs of $95,000 during the year. Required: Prepare a 2021 income statement for...
Esquire Comic Book Company had income before tax of $1,900,000 in 2021 before considering the following...
Esquire Comic Book Company had income before tax of $1,900,000 in 2021 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before tax loss on disposal was $430,000. The division generated before tax income from operations from the beginning of the year through disposal of $680,000 2. The company incurred restructuring costs of $95,000 during the year. Required: Prepare a 2021 income...
Using the following list of items, fill in the blanks for where the item belongs on a multiple-step income statement. Use the Condensed Multiple-Step Income Statement format. You only need earnings per share for net income (don't need to separate out income from continuing operations or discontinued operations). Selling expenses, Cost of goods sold, Net sales, Income tax expense, Gross profit, Income from operations, Administrative expenses, Income before taxes, Discontinued operations, Other revenues and gains, Other expenses and losses, Income...
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as 1. In 2017, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,221,000. Additional transactions not considered in the $1,221.000 are as follows. 1. In 2020, Wildhorse Corp. sold equipment for $35,800. The machine had originally cost $84,300 and had accumulated depreciation of $33,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,200...
Swifty Corp. has 149,190 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,211,100. Additional transactions not considered in
the $1,211,100 are as follows.
1.
In 2020, Swifty Corp. sold
equipment for $37,400. The machine had originally cost $84,500 and
had accumulated depreciation of $32,900. The gain or loss is
considered non-recurring.
2.
The company discontinued
operations of one of its subsidiaries during the current year at a
loss of $194,600...
Question 5 "Adoption" means abandoning a country's financial reporting standards and replacing them with: Select one: Not yet answered Marked out of 1 a. Securities and Exchange Commission Principles. Flag question b. Generally Accepted Accounting Principles. c.International Financial Accounting Standards. d. International Accounting Standards. Question 6 Which of the following items would be included in the discontinued operations section of the income statement? Not yet answered Select one: O a. Income or loss from operating the segment prior to its...
Esquire Comic Book Company had income before tax of $1,300,000 in 2018 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $380,000. The division generated before- tax income from operations from the beginning of the year through disposal of $560,000. Neither the loss on disposal nor the operating income is included in the $1,300,000 before-tax income the...
Please correct mistakes from previous attempt
Esquire Comic Book Company had income before tax of $1,650,000 in 2016 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $415,000. The division generated before-tax income from operations from the beginning of the year through disposal of $630,000. Neither the loss on disposal nor the operating income is included in...
Esquire Comic Book Company had income before tax of $1,900,000 in 2021 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $430,000. The division generated before-tax income from operations from the beginning of the year through disposal of $680,000. 2. The company incurred restructuring costs of $95,000 during the year. Required: Prepare a 2021 income statement for...
Esquire Comic Book Company had income before tax of $1,900,000 in 2021 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before tax loss on disposal was $430,000. The division generated before tax income from operations from the beginning of the year through disposal of $680,000 2. The company incurred restructuring costs of $95,000 during the year. Required: Prepare a 2021 income...
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