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: Financial Accounting problem
A: Step 1: Days Inventory Outstanding (DIO).= average inventory / (cost of goods sold / days in a…
Q: Can you help me with accounting questions
A: Step 1: Definition of the High-Low MethodThe high-low method is a cost estimation technique used to…
Q: correct answer please
A: A) Equity Multiplier = 1+Debt-Equity ratioEquity Multiplier = 1+1.42Equity Multiplier = 2.42 B)…
Q: On September 10, Pillsbury Manufacturing Co. issued a $65,500, 8%, 90-day note payable to Everest…
A: Maturity value = Principle +Total interest Total interest= 65,500 * 8% * (90/360)days…
Q: What is centennial's inventory turnover ratio for 2024? General Accounting question
A: Step 1: define Inventory Turnover RatioThe Inventory Turnover Ratio measures how efficiently a…
Q: Year Cash Flow 0 -$ 27,000 1 11,000 2 3 14,000 10,000 What is the NPV for the project if the…
A: To calculate the Net Present Value (NPV) for the project at required returns of 10% and 26%, we use…
Q: How much will the total revenue change if the new product line is introduced ? Please solve this…
A: Step 1: Calculate Current RevenueThe company currently sells 20,500 shirts at $85 each.Current…
Q: Do fast answer of this accounting questions
A: Step 1: Adjusting Entries:-Adjusting entries are those entries which are passed for adjustments.…
Q: What is the profit if the company purchases 7000 unit deemad turn out 4500
A: Revenue from Sold UnitsRevenue from sold units=4,500×250=1,125,000 Cost of Purchasing the…
Q: Don't use aii solve this question general Accounting
A: Step 1: Given Value for Calculation Current Price of Bond = p = $2500Face Value = fv = $5500Time = t…
Q: choose best answer
A: Step 1: Definition of Itemized Deductions and After-Tax CostItemized deductions are expenses that a…
Q: Sheffield corp. is constructing a building. construction began in 2025 and the building was…
A: Step 1: Information related to payments$2,508,000 on 3/1/25 - Outstanding for 10 months…
Q: On January 1 of the current year (Year 1), CVX acquired a delivery van for $68,000. The estimated…
A: Explanation of Units of Production Method: This is a depreciation method that allocates the asset's…
Q: What is the cost of the ending work in process inventory?
A: Step 1:Given,Beginning work-in-process inventory: $182,000Total manufacturing costs: $915,000Cost of…
Q: financial account
A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a method used to…
Q: What was your holding period return on these financial accounting question?
A: Step 1:Given,Investment at the beginning of the year: $75Growth in the value of the investment:…
Q: Need help this question
A: Step 1: Definition of Cash Conversion CycleThe Cash Conversion Cycle (CCC) measures the time it…
Q: Help me this question
A: Step 1: Definition of Operating CycleThe operating cycle is the time taken by a company to convert…
Q: Calculate gross profit
A: Step 1: Definition of Gross Profit and COGSGross Profit is the difference between sales revenue and…
Q: choose best answer
A: Step 1: Definition of Variable Expenses per UnitVariable expenses per unit refer to the costs…
Q: financial accounting
A: Step 1: Definition of Return on Common Stockholders' EquityReturn on Common Stockholders' Equity…
Q: Expert of financial account solve this query
A: Step 1: Definition of Cycle TimeCycle time represents the total time taken for a product to go…
Q: Calculate the Days sales in receivables
A: Detailed explanation: Step-by-Step Explanation of Days Sales in Receivables (DSR) Calculation for…
Q: What is the weighted average cost of capital on these financial accounting question?
A: Step 1: Define Weighted Average Cost of Capital (WACC)The Weighted Average Cost of Capital (WACC) is…
Q: help me to solve this questions
A: Step 1: Definition of Cost of Goods Manufactured (COGM)The Cost of Goods Manufactured (COGM)…
Q: Correct answer please
A: Step 1: Definition of Absorption Costing Net Operating IncomeAbsorption Costing is a method of…
Q: Need answer
A: Explanation of Direct Labor Cost:Direct labor cost refers to the wages and salaries paid to…
Q: hello teacher please solve questions
A: Step 1: Allocation rate Allocation rate = Total fringe benefits cost/Number of employeesAllocation…
Q: Bradley Industries applies manufacturing overhead on the basis of direct labor-hours. At the…
A: Explanation of Predetermined Overhead Rate:The Predetermined Overhead Rate is an estimated rate used…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Completed UnitsCompleted units represent the number of products that have been…
Q: General accounting
A: Previous closing price = Closing Price - Gain pointsPrevious closing price = 8,945.78-156.32Previous…
Q: What was the cost of goods sold for this financial accounting question?
A: Step 1: Define Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) refers to the direct costs…
Q: Ans plz
A: Step 1: Introduction to cost accountingThe field of accounting known as cost accounting is utilized…
Q: none
A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents…
Q: What is the firm's return on assets of this financial accounting question?
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial metric that…
Q: general account
A: Average stockholders' equity = (Stockholders' equity at beginning + Stockholders' equity at the…
Q: 2 POINT
A: Explanation of Book Value:Book value refers to the recorded value of an asset in a company's…
Q: hello teacher please solve questions
A: Step 1: Definition of Fixed AssetsFixed assets are long-term tangible assets that a company uses in…
Q: Do fast answer of this accounting questions
A: The after-tax cost of interest is calculated as follows: After-tax interest cost = Annual interest…
Q: At what amount should brandon ltd.record patent Y?
A: Detailed explanation: Step 1: Understanding the Given InformationBrandon Ltd. acquires three patents…
Q: Can you help me with accounting questions
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: hello teacher please solve questions
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is used to allocate…
Q: Please give me answer general accounting question
A: Step 1: Definition of Average Collection PeriodThe average collection period measures the average…
Q: what is the asset turnover ratio for 2015?
A: Calculation of Average Total AssetsAverage Total Assets = (Total Assets at end of 2014 + Total…
Q: Ans ?? Financial accounting
A: Step 1: Define Capital ImprovementsCapital improvements refer to significant expenditures made to…
Q: What is its debt to capital ratio of this financial accounting question?
A: Step 1: Definition of Debt-to-Capital RatioThe Debt-to-Capital Ratio measures the proportion of a…
Q: help me to solve this questions
A: Step 1: Definition of Accrued ExpensesAccrued expenses are liabilities that a company incurs but has…
Q: Yield on the bond if it can be purchased for 1500?
A: Step 1: Identify Given ValuesStep 2: Use the Current Yield FormulaStep 3: Substitute the ValuesStep…
Q: Hello tutor please help me with accounting questions
A: Step 1: Definition of Rate of ReturnThe rate of return (ROR) measures the percentage gain or loss on…
Q: Need help with this question solution general accounting
A: Step 1: Definition of Employer Payroll TaxesEmployer payroll taxes are taxes imposed on employers…
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
- I want to correct answer general accounting1) Zoro Products sold its Eastern Division at a loss of $1,000,000. Zoro’s tax rate is 25%. How will this loss be reported in Zoro’s financial statements? A : As a loss of $662,500, net of $187,500 income tax savings B :As a loss of $1,000,000 C :As a loss of $750,000, net of $250,000 income tax savings D :As a loss of $1,250,000, including income tax of $250,000 2) The following information was taken from the records of Prime Office Supplies Inc. immediately before and after the reacquisition of 10,000 shares.The average price per share before the reacquisition was $25. Assuming no other transactions took place, what would be the balance in the Retained Earnings account after the acquisition? A : $625,000 B : $375,000 C : $725,000 D : $525,0000 3) A corporation paid $8 per share for 9,000 of its own common shares that had originally sold for an average of $5. What will be the effect on total shareholders' equity? decrease of $27,000 B : increase of $45,000 C…Provide answer
- 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 $ 0During the year, Belyk Paving Co. had sales of $2,600,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,535,000, $465,000, and $520,000, respectively. In addition, the company had an interest expense of $245,000 and a tax rate of 35 percent. (Ignore any tax loss carryback or carryforward provisions.) (Enter your answer as directed, but do not round intermediate calculations.) Required: (a) What is Belyk's net income? (Negative amount should be indicated by a minus sign.) Net income (b) What is Belyk's operating cash flow? Operating cash flow AHeavenly Taft, Inc. sold a division of its company during the year for a $400,000 gain. Prior to the date of sale, the year-to-date net loss for the division was A $1,000,000. The company's tax rate is 30%. What will be reported on the income statement as a "special item?" O $420,000 loss O $1,000,000 discontinued operation loss less a $300,000 tax savings O $400,00 gain less $120,000 income tax O Both B and C
- Ace 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.Help me please urgentDo 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 April 1, 2020, Desert Company decided to dispose of their Scorpion Division. Desert sold Scorpion Division to Cactus Corporation on November 30, 2020, for net gain on the sale of $138,984. From April 1st to November 30th, Scorpion Division generated a gain on operations of $164,246. The tax rate is 30%. Desert reported $807,304 in Income from Continuing Operations. What is the amount of Net Income Desert will report on its income statement? *round your answer to the nearest dollarDandy candy company sold solution general accounting