Based on the data above, the net extraordinary loss was:$80,000$56,000$24,000None of the aboveBased on the data above, net income was: Use the following to answer the five questions below:The following accounts are extracted from the worksheet of X Company onDecember 31, 2020:Income from Operations$302,000Interest Revenue72,000Operating Expenses248,000Loss from sale of land45,000During the year, the company suffered from abnormal and infrequenthurricane damages that had resulted in a $80,000 pretax tax loss• During the year also, the company stopped the activities of its BBsegment which had resulted in a net of tax operating loss of $30,000and a pretax loss on disposal S26,000Tax Rate was 30%

Extraordinary Loss are losses which are incurred by the company not in the ordinary course of…

Answered: Based on the data above, the net…

Business

Accounting

Based on the data above, the net extraordinary loss was: $80,000 $56,000 $24,000 None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Based on the data above, the net extraordinary loss was:
$80,000
$56,000
$24,000
None of the above
Based on the data above, net income was:

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The following information is available for Northwest Enterprises Ltd., for the year ended December 31, 2017. All amounts noted below are before income tax • Operating income from discontinued operations: • Net sales revenue from continuing operations: • Gain on sale of land used in continuing operations: • Loss on disposal of discontinued operations: • Cost of goods sold for continuing operations: • Operating expenses for continuing operations: Loss due to warehouse fire (continuing operations): $80,000 $75,000 $1,400,000 $32,000 $120,000 $850,000 $325,000 On January 1, 2017, Northwest had 100,000 common shares outstanding. Northwest issued 20,000 common shares on April 1, 2017. On September 1, Northwest declared a 3 for 2 stock split. The company has an income tax rate of 20%. Required: Prepare an income statement in good form for Northwest. Include the required earnings per share disclosure.