Davenport Sweets Inc. sold its chocolate division, resulting in a loss of $80,000. Assuming a tax rate of 30%, the loss on this disposal will be reported on the income statement at what amount?
Q: Solve this question and general accounting
A: Step 1: Definition of Net IncomeNet income is the amount of earnings a company has after deducting…
Q: The adjusting entry that reduces the balance in Deferred Revenues or Unearned Revenues will also…
A: The correct answer is:"A Credit to Fees Earned."Explanation:Deferred (or Unearned) Revenues…
Q: What is the beginning and ending amounts of equity ?
A: Provided Data:Beginning Liabilities = $55,000Liabilities decreased by $10,000 → Ending Liabilities =…
Q: Hello tutor please given General accounting question answer do fast and properly explain all answer
A: Step 1: Define Materials Price Variance and Materials Quantity VarianceMaterials Price Variance: It…
Q: As the world shifted towards emphasising issues related to environment, climate change andinequality…
A: Historically, the primary objective of a corporation was to generate profits for its shareholders.…
Q: Quick answer of this general accounting
A: Step 1: Definition of Actual Direct Materials CostActual direct materials cost refers to the total…
Q: Solve this
A: Provided Data:Beginning Inventory (June 1) = 430 unitsUnits Transferred to Next Department = 7,100…
Q: Subject: financial accounting
A: Return on Equity (ROE) measures a company's profitability in relation to its shareholders' equity.…
Q: Solve this Accounting Problem
A: Step 1: Definition of Total Job CostTotal job cost refers to the full amount of expenses incurred in…
Q: Help me this general accounting questions
A: Step 1: Definition of Maturity ValueMaturity value is the total amount due at the end of a note's…
Q: Solve this qn if you no well otherwise unhek
A: 1. Contribution Margin per Machine Hour (Brightwood Seating) Given:Selling Price per Unit = $55.00…
Q: Manufacturing Cost added during the period are
A: To calculate the total manufacturing costs added during the period, we need to sum the following…
Q: What is the correct option? For general accounting question please given step by step explanation
A: Step 1: Define TurnoverTurnover is a financial ratio that measures how efficiently a company uses…
Q: Provide financial accounting question answer
A: To determine the cost of goods sold (COGS) for Green Valley Retailers in April, we use the following…
Q: Hello tutor solve this question and general accounting
A: Solution:The actual total direct materials cost is calculated as:Actual Cost = Standard Cost + Price…
Q: Expert of accounting answer me
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a profitability ratio that…
Q: Kindly help me with this General accounting questions not use chart gpt please fast given solution
A: Step 1: Definition of Reducing Balance MethodThe Reducing Balance Method is a depreciation method…
Q: Accounting problem
A: Step 1: Definition of Units Completed (Process Costing)Units completed in process costing represent…
Q: What is the correct answer with accounting question
A: Step 1: Definition of High-Low MethodThe High-Low Method is a cost estimation technique used to…
Q: What is the gross profit for the period?
A: Step 1: Definition of Gross ProfitGross profit is the difference between sales revenue and the cost…
Q: Provide correct answer for this general account Q
A: Step 1: Definition of Gross ProfitGross profit is the difference between revenue from sales and the…
Q: Compute the predetermined overhead rate
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is the rate used to…
Q: During the current year, a business sells equipment for $440,000. The equipment cost $290,000 when…
A: Step 1: DefinitionsDepreciation Recapture (Section 1245 Ordinary Income):Depreciation recapture is…
Q: General accounting question
A: The ending retained earnings balance can be calculated using the following formula: Ending Retained…
Q: Financial Accounting
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial performance metric…
Q: Solve this Accounting 4 PTS
A: Explanation of Stakeholder Impact Analysis:Stakeholder impact analysis is the process of identifying…
Q: Please solve this Financial accounting questions step by step
A: John's realized gain in this tax-free reorganization is calculated as follows: Formula:Realized Gain…
Q: On April 1, Usain Enterprises purchased machinery at a cost of $150,000, with a depreciable cost of…
A: Explanation of Depreciable Cost:Depreciable cost is the portion of an asset's total cost that will…
Q: Question: Power Security Systems had sales of 3,000 units at $50 per unit last year. The marketing…
A: Net Dollar Sales Projection Calculation:Projected Sales Volume:3,000 units × 1.20 = 3,600 unitsNew…
Q: General accounting
A: To calculate the return of the Dow Jones Industrial Average (DJIA) on August 14, 2024, follow these…
Q: The overhead assigned to each unit of product A would be
A: Concept of Direct Labor Hours:Direct Labor Hours (DLHs) refer to the actual hours worked by…
Q: SUBJECT: GENERAL ACCOUNTING
A: Provided Data:Direct Materials = $2,454Direct Labor Hours = 71 hoursDirect Labor Rate = $15 per…
Q: I need help Briefly describing 2 analytical techniques based on the time value of money concepts.…
A: This response delineated and contrasted two analytical methods that consider the time value of…
Q: Gerald Books Ltd. currently has $720,000 in accounts receivable and generated $5,600,000 in sales…
A: Explanation of Accounts Receivable:Accounts receivable represents the amount of money owed to a…
Q: No ai, help !!!
A: Step-by-Step Explanation:Step 1: Determine the Predetermined Overhead RateOverhead is applied based…
Q: I need solution of this question problem within 20 min
A: Explanation of Manufacturing Overhead:Manufacturing overhead includes all indirect costs related to…
Q: Meadowlane Furnishings had a beginning inventory of $105,000, an ending inventory of $147,000, a…
A: Step 1: DefinitionsConcept of Days in Inventory:Days in Inventory (also called Inventory Days or…
Q: Carter Corporation has fixed costs of $1,800,000, and variable costs are 45% of sales. What are the…
A: To calculate the required sales for Carter Corporation to achieve a net income of $200,000, we can…
Q: June production? Financial accounting
A: Step 1: Definition of Standard Hours AllowedStandard Hours Allowed refers to the number of hours…
Q: Answer this Accounting MCQ
A: Governance structures, including boards of directors, audit committees, and regulatory oversight…
Q: Correct Answer
A: Step 1: What's given in the problem:The face value of the note is $30,000. The discount rate is…
Q: Solve with explanation and accounting question
A: Step 1: Definition of Cash Collected from CustomersCash collected from customers refers to the…
Q: Which of the following will be included in the adjusting entry to accrue interest expense? A…
A: The correct answer is: A Credit to Interest Payable.Explanation:When accruing interest expense, the…
Q: Financial account
A: To calculate the turnover, we use the following formula: Turnover = Sales / Average Operating Assets…
Q: Accounting MCQ
A: Explanation of Assurance Boundary:An assurance boundary defines the limits within which assurance…
Q: Please solve this General accounting questions step by step
A: Step 1: Definition of Realized GainA realized gain occurs when an asset is sold or exchanged, and…
Q: Typically an adjusting entry will include which of the following? One Balance Sheet Account And…
A: The correct answer is:"One Balance Sheet Account and One Income Statement…
Q: Variable:11, fixed :4
A: Provided Data:Offer received for = 22,300 unitsExport price per unit = $19Domestic sales price = $22…
Q: Jenny leased equipment from Julio on December 31, 2015. The lease is a 10-year lease with annual…
A: Provided Data:Lease Term = 10 yearsAnnual Lease Payment = $150,000 (due every December 31)Present…
Q: Calculate the material price variance and quantity variance general accounting question correct…
A: Step 1: Definition of Material's Price Variance and Quantity VarianceMaterial's Price Variance (MPV)…
Davenport Sweets Inc. sold its chocolate division, resulting in a loss of $80,000. Assuming a tax rate of 30%, the loss on this disposal will be reported on the income statement at what amount?
Step by step
Solved in 2 steps
- During the current year, Newtech Corporation sold a segment of its business at a loss of $225,000. Until it was sold, the segment had a current period operating loss of $200,000. The company had $750,000 from continuing operations for the current year. Prepare the lower part of the income statement, beginning with the $750,000 income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a 40% income tax rate. Disregard earnings per share disclosures. Newtech Corporation Partial Income Statement Income from continuing operations Discontinued operations Current Year Loss from operations of discontinued segment (net of tax) $ 200,000 Loss on disposal of discontinued segment (net of tax) Net income $ 750,000 0 0 $ 0Ace Inc. disposes of an unprofitable segment of its business. The operation of the segment suffered a $200,000 loss in the year of disposal. The loss on disposal of the segment was $100,000. If the tax rate is 30%, and income before income taxes was $1,600,000, OA) the income from continuing operations is $1,120,000. O B) the losses from discontinued operations are reported net of income taxes at $300,000. C) net income is $1,300,000. D) the income tax expense on the income before discontinued operations is $390,000.Do not use Ai
- During the current year, Dale Corporation sold a segment of its business at a gain of $315,000.Until it was sold, the segment had a current period operating loss of $112,500. The company had$1,275,000 from continuing operations for the current year.Prepare the lower part of the income statement, beginning with the $1,275,000 income fromcontinuing operations. Follow tax allocation procedures, assuming that all changes in incomeare subject to a 20% income tax rate. Disregard earnings per share disclosures. (Round all calculations to nearest dollar amount.)On June 30, Bridgeport Corp. discontinued its operations in Mexico. During the year, the operating income was $204,000 before taxes. On September 1, Bridgeport disposed of the Mexico facility at a pretax loss of $672,000. The applicable tax rate is 30%. Show the Income from operations of Mexican Facility section of Bridgeport's income statement.During the year, Belyk Paving Company had sales of $2,410,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,330,000, $625,000, and $447,000, respectively. In addition, the company had an interest expense of $272,000 and a tax rate of 24 percent. (Ignore any tax loss carryforward provision and assume interest expense is fully deductible.) a. What is the company's net income? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g.. 32. b. What is its operating cash flow? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. a. Net income b. Operating cash flow 27
- At Carla Vista Co., events and transactions during 2020 included the following. The tax rate for all items is 20%.(1) Depreciation for 2018 was found to be understated by $120500.(2) A strike by the employees of a supplier resulted in a loss of $100800.(3) The inventory at December 31, 2018 was overstated by $169800.(4) A disposal of a component of the business resulted in a $1985000 loss.The effect of these events and transactions on 2020 net income net of tax would beWindsor, Inc. disposes of an unprofitable segment of its business. The operation of the segment suffered a S222000 loss in the year of disposal. The loss on disposal of the segment was S122000. If the tax rate is 32%, and income before income taxes was $1622000, net income is $1278000. the losses from discontinued operations are reported net of income taxes at $344000. the income tax expense on the income before discontinued operations is $454080. the income from continuing operations is $1102960.Eurgher Ltd. had a taxable loss of $354,000 in 20X7. The tax rate in 20X7 is 32%. In the past three years, the company had the following taxable income and tax rates: Taxable income Tax rate 20X5 20X4 $236,000 $141,600 Refund amount 36% 38% 20X6 $94,400 40% There are no temporary differences other than those created by income tax losses. Required: 1. What is the amount of refund that will be claimed in 20X7, taking the loss back to the oldest possible year, first? Provide the journal entry for income tax receivable in 20X7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) =
- Saginaw Inc. completed its first year of operations with a pretax loss of $647,500. The tax return showed a net operating loss of $807,500, which the company will carry forward. The $160,000 book-tax difference results from excess tax depreciation over book depreciation. Management has determined that it should record a valuation allowance equal to the net deferred tax asset. Assuming the current tax expense is zero, prepare the journal entries to record the deferred tax provision and the valuation allowance. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Required: a. Prepare the journal entry to record the deferred tax consequences for recognition of the current year NOL before considering the valuation allowance. b. Prepare the journal entry to record the deferred tax consequences of the depreciation book-tax difference. c. Prepare the journal entry to record the deferred tax consequences of the valuation allowance.…During 2021, Raines Umbrella Corporation had sales of $754,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $459,000, $101,500, and $147,000, respectively. In addition, the company had an interest expense of $73,200 and a tax rate of 24 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) a. What is the company’s net income/loss for 2021? (Do not round intermediate calculations and enter your answer as a positive value.) b. What is the company's operating cash flow? (Do not round intermediate calculations.)Kucing Garong Construction Company decided at the beginning of 2020 to change from the cost recovery method to the percentage-of-completion method for financial reporting purposes. The company will continue to use the cost-recovery method for tax purposes. For years prior to 2020, pretax income under the two methods was as follows: percentage-of-completion £144,000, and cost-recovery £114,000. The tax rate is 35%. Kucing Garong has a profit-sharing plan, which pays all employees a bonus at year-end based on 1.5% of pretax income. What is the amount of the indirect effect of Kucing Garong’s change in accounting policy that will be reported in the 2020 income statement, assuming that the profit-sharing contract explicitly requires adjustment for changes in income numbers?