Not use ai solution financial accounting If a company has a discontinued operation gain of$30,000 and a 32% tax rate.What is the effect on net income?a. Increase of $20,400b. Increase of $30,000c. Increase of $9,600d. No effect

Step 1: Define Net IncomeNet income can be defined as the total amount of money received by a…

Answered: If a company has a discontinued…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter3: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 9MC: A company has pre-tax or operating income of $120,000. If the tax rate is 40%, what is the companys...

See similar textbooks

Similar questions

Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
If a company has a discontinued operations gain of $40,000 and a 20% tax rate, what is the effect on net income? O Increase of $32,000. O Increase of $21,000. Increase of $9,600. No effect. C A D W P D s
What is the effect on net income?
Please show your work.
Thompson Corporation has a discontinued operation gain of $45,000 and a 28% tax rate. What is the effect on net income? a. Increase of $32,400 b. Increase of $45,000 c. Increase of $12,600 d. No effect
Answer this MCQ
Problem with accounting
10. If the net income after tax of the company is P4,000,000, starting balance of assets is P500,000 and the ending balance of assets is P700,000, what is the return of assets? *a. 8b. 5.71c. 6.6667d. 3.3333 2. If the quick assets of the company amounted to P90,000, and the quick ratio is 9, how much is the current liabilities of the entity? *a. P810,000b. P89,997c. P90,009d. P10,000 7. If net sales amounted to P200,000, net income before tax is P80,000 and the income tax rate is 30%, how much is the profit margin ratio? *a. 0.40b. 0.28c. 2.5d. 3.57 8. Interest expense for the year amounted to P90,000. Income tax expense is P100,000. If net income after tax is P620,000, what is the times interest earned ratio? *a. 6.2b. 9c. 6.888d. P720,000 1. If current assets amounted to P600,000 and current liabilities amounted to P200,000, what is the current ratio of the entity? *a. P800,000b. P400,000c. 3d. 1/3 3. If net sales is P200,000 and the average accounts receivable is P50,000, what is…
You have calculated the adjusted profit for the company to be $2,000,000. Capital allowance was $20,0000 . The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is. Question 5Answer a. $1,100,000 b. $500,000 c. $200,000 d. $750,000
Do not give image format
What is the effect on net income???
What is the net income ?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Intermediate Financial Management (MindTap Course…

Finance

ISBN:

9781337395083

Author:

Eugene F. Brigham, Phillip R. Daves

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Intermediate Financial Management (MindTap Course…

Finance

ISBN:

9781337395083

Author:

Eugene F. Brigham, Phillip R. Daves

Publisher:

Cengage Learning

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

SEE MORE TEXTBOOKS

If a company has a discontinued operation gain of $30,000 and a 32% tax rate. What is the effect on net income? a. Increase of $20,400 b. Increase of $30,000 c. Increase of $9,600 d. No effect