91.Which of the following is not included in income from continuing? operations? A.gain on sale of...
91.Which of the following is not included in income from
continuing? operations?
A.gain on sale of machinery
B.a segment of a business that has been discontinued
C.cost of goods sold
D.losses due to lawsuits
93. Dallas Company has gross pay for March of? $50,000. The journal entry to record salaries expense would include a debit to Salaries and Wages Payable for? $50,000.
True or False
Homework Answers
91) The correct option is B.a segment of a business that has been discontinued
The Income from continuing operations includes the revenue, expenses and incomet taxes from normal business.
Discontinued Segment is a one time event, hence it is excluded from Income from Continuing operations.
93) The statement is FALSE.
The correct journal entry would be:
Debit --- Salaries and Wages Expenses $50,000
Credit --- Salaries and Wages Payable $50,000
Add Answer to:
91.Which of the following is not included in income from
continuing? operations?
A.gain on sale of...
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Which of the following items is not included in the calculation of income from continuing operations? Group of answer choices Income Tax Expense Gain from Discontinued Operations Loss on Sale of Equipment Gross Profit
Which of the following items is included in the calculation of income from continuing operations? Income...
Which of the following items is included in the calculation of income from continuing operations? Income Tax Expense Loss from Discontinued Operations Gain from Discontinued Operations Earnings Per Share
Discontinued Operations Example: Company Comfort has income from continuing operations of $ 700 million. During the...
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2a: what is the amount of income from continuing operations before income tax? *THE ANSWER IS...
2a: what is the amount of income from continuing operations
before income tax? *THE ANSWER IS NOT $359520 SO IF YOU GET THAT
ITS WRONG*
2b
2c
3
4
are in photos
Required information [The following information applies to the questions displayed below.) Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit 14,800 $ $ 34,800 26,650 44,800 107,200 72,400 44,800 176,100 a. Interest revenue b. Depreciation expense-Equipment...
Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2017....
Trayer Corporation has income from continuing operations of
$256,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
securities
2. A gain of $32,000 on the discontinuance of a division
(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
that resulted in a $30,000 understatement of 2016 net income....
Alicat Corp reported 20x4 income from continuing operations before tax of $50,000. Not included in the...
Alicat Corp reported 20x4 income from continuing operations before tax of $50,000. Not included in the $50,000 are the following items: a) Alicat sold an old delivery truck that is no longer needed in the business. The net book value of the truck was $5,000 and Alicat was able to sell it for $6,000. b) Because of a change in economic conditions over the year, it was determined that the allowance for doubtful accounts was understated as of 12/31/X4 by...
Exercise 18-02 Trayer Corporation has income from continuing operations of $256,000 for the year ended December...
Exercise 18-02 Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $86,000 on available-for-sale securities. 2. A gain of $32,000 on the discontinuance of a division (comprised of a $18,000 loss from operations and a $50,000 gain on disposal). Assume all items are subject to income taxes at a 25% tax rate. Prepare a statement of comprehensive 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,...
QUESTIONS Mountain Valley Sales Company has gross pay for March of $45,000. Which of the following...
QUESTIONS Mountain Valley Sales Company has gross pay for March of $45,000. Which of the following is included in the journal entry to record salaries expense? credit Salaries and Wages Expense debit Cash debit Salaries and Wages Expense debit Salaries and Wages Payable QUESTION 9 Regarding gross and net pay, which of the following statements is correct? Gross pay minus all deductions such as income tax withheld equals net pay. Employers are required to deposit net pay into the employee's...
Mountain View's activities for the year included the following: Gross Sales 7,400,000 Cost of goods sold...
Mountain View's activities for the year included the following: Gross Sales 7,400,000 Cost of goods sold 3,100,000 Selling and administrative expenses 900,000 Adjustment for a prior year understatement of depreciation expense 112,000 Sales returns 71,000 Loss on operations of discontinued Segment A 411,000 Royalty income from infringement settlement 800,000 Unrealized loss on equity securities 41,000 Gain on disposal of assets of discontinued business Segment A 375,000 Extraordinary loss from hail storm 143,000 Gain on early extinguishment of convertible bonds 201,000...
Which of the following items is included in the calculation of income from continuing operations? Income Tax Expense Loss from Discontinued Operations Gain from Discontinued Operations Earnings Per Share
Discontinued Operations Example: Company Comfort has income from continuing operations of $ 700 million. During the year it disposed-off one of its segments Segment A for $ 120 million. The segment of the business earned revenue of $ 200 million and incurred costs of $ 150 million. Its book value was $ 100 million. Tax rate applicable to the company overall and the segment is 35%. Present net income for the period for the company in proper format.
2a: what is the amount of income from continuing operations
before income tax? *THE ANSWER IS NOT $359520 SO IF YOU GET THAT
ITS WRONG*
2b
2c
3
4
are in photos
Required information [The following information applies to the questions displayed below.) Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit 14,800 $ $ 34,800 26,650 44,800 107,200 72,400 44,800 176,100 a. Interest revenue b. Depreciation expense-Equipment...
Trayer Corporation has income from continuing operations of
$256,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
securities
2. A gain of $32,000 on the discontinuance of a division
(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
that resulted in a $30,000 understatement of 2016 net income....
Alicat Corp reported 20x4 income from continuing operations before tax of $50,000. Not included in the $50,000 are the following items: a) Alicat sold an old delivery truck that is no longer needed in the business. The net book value of the truck was $5,000 and Alicat was able to sell it for $6,000. b) Because of a change in economic conditions over the year, it was determined that the allowance for doubtful accounts was understated as of 12/31/X4 by...
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