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.
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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.
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- On June 30, Pronghorn Corp discontinued its operations in Mexico. During the year, the operating income was $270,000 before taxes. On September 1, Pronghorn disposed of the Mexico facility at a pretax loss of $670,000. The applicable tax rate is 30%. Show the discontinued operations section of Pronghorn’s income statement. PRONGHORN CORPPartial Income Statement select an opening section name enter an income statement item $enter a dollar amount enter an income statement item $enter a dollar amount $enter a total dollar amountOn June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of the Mexico facility at a pretax loss of $ 690,000. The applicable tax rate is 30%. Show the discontinued operations section of Flores’s statement of comprehensive income.On June 30, Sarasota Corp. discontinued its operations in Mexico. On September 1, Sarasota disposed of the Mexico facility at a pretax loss of $797,000. The applicable tax rate is 28%. Show the discontinued operations section of Sarasota's statement of comprehensive income. SARASOTA CORP. Partial Statement of Comprehensive Income 2$
- On June 30, Monty Corp. discontinued its operations in Mexico. On September 1, Monty disposed of the Mexico facility at a pretax loss of $618,000. The applicable tax rate is 30%. Show the discontinued operations section of Monty's statement of comprehensive income. MONTY CORP. Partial Statement of Comprehensive IncomeOn June 30, Reyes Corporation discontinued its operations in Mexico. On September 1, Reyes disposed of the Mexico facility at a pretax loss of $640,000. The applicable tax rate is 25%. Show the discontinued operations section of ReyesOn June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of the Mexico facility at a pretax loss of $750,000. The applicable tax rate is 38%. Show the discontinued operations section of Flores's statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) FLORES CORPORATION Partial Statement of Comprehensive Income $
- 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 $ 0Accounting Company A is preparing its financial statements as at 31 December 20X3. On 31 December 20X3, Company A acquired an asset for 900, which is expected to be consumed by the end of 20X4. No tax deduction can be obtained for the cost of the asset. The company’s intention is to use the asset and not to sell it. The sale of assets is taxed at 40%. Internal consumption is taxed at 30%. What is the amount of deferred tax liability relating to the acquired asset as at 31 December 20X3?need help figuring out the comprehensive income On June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of the Mexico facility at a pretax loss of $570,000. The applicable tax rate is 22%. keyword dividends,expenses,loss on disposal of discontinued operations,net income/loss, retained earnings
- Fillon operates manufacturing facilities in States A and B. Fillon has nexus with both states; apportionment factors are 0.65 for A and 0.35 for B. Taxable income for the year totaled $425,625 , with a $567,500 A profit and a $141,875 B loss. If required, round your final answers to the nearest dollar. Calculate taxable income for the year for: State A: State B: %24 %24A corporation sold a piece of equipment during the current tax year for $78,600. The accounting records show that its cost basis, B, is $190,000 and the accumulated depreciation is $139,200. Assume that the effective income tax rate as a decimal is 0.40 (40%). Based on this information, Solve, what is (a) the gain (loss) on disposal, (b) the tax liability (or credit) resulting from this sale, (c) the tax liability (or credit) if the accumulated depreciation was $92,400 instead of $139,200 ?For 20X1, Silvertip Construction, Inc., reported income from continuing operations (after tax) of $1,650,000. On November 15, 20X1, the company adopted a plan to dispose of a component of the business. This component qualifies for discontinued operations treatment. During 20X1, the component had pre-tax operating losses of $95,000. The component’s assets had a book value of $760,000 on December 31, 20X1. A recent market value analysis of these assets placed their estimated selling price at $735,000, less a 6% brokerage commission. Management appropriately determines that these assets are impaired and expects to find a buyer for the component and complete the sale early in 20X2. Prepare a partial income statement for Silvertip including EPS disclosures for the year ended December 31, 20X1. Begin at income from continuing operations. Assume a 21% income tax rate and 1,000,000 shares of outstanding common stock. (Round your answers to 2 decimal places under "Earnings per share".)