I need help with this problem please. I'm getting the wrong numbers. Thank You!
Answer:
Diamond in the Grouper Group Inc. Partial Income Statement For the year ended December 31, 2017 |
||
Income from continuing operations before income tax |
$146,000 | |
Less: Income tax | (43,800) | |
Income from continuing operations | 102,200 | |
Discontinued operations | ||
Income from operations of the discontinued Blue Division, less applicable income tax | 4,600 | |
Loss from impairment of assets of discontinued operations, less applicable income tax recovery | (15,400) | |
(10,800) | ||
Net Income / (Loss) | $91,400 |
Working Notes :
1. Income from continuing operations -
Income from continuing operations = $ (130,571.43 + 22,000 - 6571.43) = $ 146,000
2. Loss from impairment of assets, less applicable income tax recovery = (27,000 - 5,000) - 30% = $15,400
I need help with this problem please. I'm getting the wrong numbers. Thank You! Exercise 4-4...
On October 5, 2017, Diamond in the Flounder Group Inc.’s board of directors decided to dispose of the Blue Division. A formal plan was approved. Diamond derives approximately 73% of its income from its human resources management practice. The Blue Division gets contracts to perform human resources management on an outsourced basis. The board decided to dispose of the division because of unfavourable operating results. Net income for Diamond was $95,500 for the fiscal year ended December 31, 2017 (after...
On October 5, 2020, Diamond in the Grouper Recruiting Group Inc.’s board of directors decided to dispose of the Blue Division. A formal plan was approved. Diamond derives approximately 79% of its income from its human resources management practice. The Blue Division gets contracts to perform human resources management on an outsourced basis. The board decided to dispose of the division because of unfavourable operating results. Net income for Diamond was $91,140 for the fiscal year ended December 31, 2020...
I need help with this problem Please! Thank You so much
Problem 4-4 (Part Level Submission) Swifty Inc. reported income from continuing operations before tax of $1,969,000 during 2017. Additional transactions occurring in 2017 but not included in the $1,969,000 are as follows: 1. The corporation experienced an insured flood loss of $88,000 during the year. 2. At the beginning of 2015, the corporation purchased a machine for $59,400 (residual value of $9,900) that has a useful life of six...
Blue Corporation had income from continuing operations of
$10,634,000 in 2017. During 2017, it disposed of its restaurant
division at an after-tax loss of $206,700. Prior to disposal, the
division operated at a loss of $320,700 (net of tax) in 2017
(assume that the disposal of the restaurant division meets the
criteria for recognition as a discontinued operation). Blue had
10,000,000 shares of common stock outstanding during 2017. Prepare
a partial income statement for Blue beginning with income from
continuing...
Problem 4-04 a-bGrouper Inc. reported income from continuing operations before tax of $2,416,500 during 2020. Additional transactions occurring in 2020 but not included in the $2,416,500 were as follows:1.The corporation experienced an insured flood loss of $108,000 during the year.2.At the beginning of 2018, the corporation purchased a machine for $64,800 (residual value of $14,400) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct the residual value...
Wer is parliam dydi. In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $504,000, income taxes $156,240 (not including unusual items), loss on operation of discontinued music division $55,000, gain on disposal of discontinued music division $42,000, and unrealized loss on available-for-sale securities $148,000. The income tax rate is 31%. Prepare a correct statement of comprehensive income, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -2,945 or...
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available for sale securities. 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income,...
Please show Calculation how you got to the final product
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Please help me fill out these tables for accounting, thanks!
Indigo Company has four operating divisions. During the first
quarter of 2017, the company reported aggregate income from
operations of $218,700 and the following divisional
results.
Division
I
II
III
IV
Sales
$250,000
$198,000
$499,000
$447,000
Cost of goods sold
195,000
194,000
298,000
250,000
Selling and administrative expenses
70,300
62,000
57,000
49,000
Income (loss) from operations
$ (15,300)
$ (58,000)
$144,000
$148,000
Analysis reveals the following percentages of variable costs...