Fusion Ltd. sold electronics on account for $72,000 and paid expenses totaling $30,000. What is Fusion's net income or net loss?
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- Gerogi Company had the following balances for income from continuing operations and pretax gains and losses on December 31: Income from continuing operations $228,000. Loss on discontinued operations ($75,000). Unrealized gain on available for sale debt security $ 29,000. Loss on impairment of Goodwill ($140, 000). Foreign currency translation loss ($ 67,000). The company's effective tax rate is 40 %. What amount should Gerogi Company report as comprehensive income for the year ended December 31?Jenson Ltd. recently reported a net income of $5,320 and depreciation of $970. How much was its net cash flow, assuming it had no amortization expense and sold none of its fixed assets?Your company sells equipment for $85. The equipment was listed at $100 on your company's Balance Sheet, so you have to record a Loss of $15 on the Income Statement, which gets reversed as a non-cash expense on the Cash Flow Statement.Why is this Loss considered a non-cash expense?
- What is the gain or loss realized of this financial accounting question?What is cat enterprises net loss for the year?Catherine Company’s taxable income is $933,000. The only difference between accounting income and taxable income is that depreciation is $4600 for accounting and $8900 for taxes. Pretax accounting income is $928,400 $937,300 $924,100 $928,700
- Bourne Guitars, a corporation, reported a $220,000 net $1231 gain for year 6. a. Assuming Bourne reported $61,250 of nonrecaptured net $1231 losses during years 1-5, what amount of Bourne's net $1231 gain for year 6, if any, is treated as ordinary income? Bourne's gain treated as ordinary incomeWhat is the gain or loss realized by Larsen Industries on these general accounting question?What is the taxable income of this financial accounting question?
- a bussines had a revenue of $640,000.00 and operating expenses of $715,000.00 did the bussines incur a net loss o realize a net incomeCAB Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold $146,802 Amortization Expense $8,000 Loss on Goodwill $4,411 NSF fees Expense $1,300 Rental Equipment Expense $1,000 Advances from customers $500 Gain from asset disposition $7,000 Accounts Receivable $20,000 Sales Revenue $150,000 Required 1: CAB's net income (loss) for the year must have been: $ Required 2: CAB's merchandising gross margin for the year must have been: $Sotb Industries has a net income of $600,000 and an unrealized loss on available-for-sale securities (net of tax) of $9,000. What is the other comprehensive income(OCI)? Help