Pepper Snack Company sold its chips 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? A) $104,000 B) $24,000 C) $80,000 D) $56,000
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- Provide answerI 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…
- Dandy candy company sold solution general accountingDo fast answer of this question solution accountingDuring 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 $ 0
- Need answer of this problemNet income will decrease or increase??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?
- 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.) =I need help with this question only and I need more steps to calculate for this problem.A commercial printing press costs $35,000 when new and has accumulated depreciation of $26,000. Suppose Quick Copy disposes of this machine and receives nothing. What is the gain or loss on the transaction? Loss of $9,000 Gain of $61,000 Loss of $61,000 Loss of $35,000
