Question

In: Accounting

On the income statement, income from discontinued operations is shown: Multiple Choice without any income tax...

On the income statement, income from discontinued operations is shown: Multiple Choice without any income tax effect. as an accounting principle change. as a separate section of income from continuing operations. net of taxes after income from continuing operations.

Solutions

Expert Solution

ekkarill92 answered 3 months ago
Next > < Previous

Related Solutions

Discontinued operations should be shown on the statement of retained earnings net of taxes. a. True...
Discontinued operations should be shown on the statement of retained earnings net of taxes. a. True b. False
What are the components of earnings (income from continuing operations)? What are discontinued operations? What are...
What are the components of earnings (income from continuing operations)? What are discontinued operations? What are the components of comprehensive income?
prepare a common size income statement from the following income statement: CONSOLIDATED STATEMENTS OF OPERATIONS -...
prepare a common size income statement from the following income statement: CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) 12 Months Ended shares in Millions, $ in Millions Feb. 01, 2020 Feb. 02, 2019 Feb. 03, 2018 Total net sales $10,716 $11,664 $12,554 Credit income and other 451 355 319 Total revenues 11,167 12,019 12,873 Costs and expenses/(income): Cost of goods sold (exclusive of depreciation and amortization shown separately below) 7,013 7,870 8,208 Selling, general and administrative (SG&A) 3,585 3,596 3,845...
Multiple Choice Identify the choice that best completes the statement or answers the question. ____     6.  ...
Multiple Choice Identify the choice that best completes the statement or answers the question. ____     6.   Which of the following observations is true? a. State governments are the shareholders of the Fed. b. The Fed chairman is appointed for a ten year term. c. FOMC decisions largely determine short-term interest rates. d. Member banks proportionately share all of Federal Reserve's profits. ____     7.   In making policies about the nation's money supply, the Federal Reserve Board a. operates as an independent...
Please write a multiple step income statement using the following accounts as needed. The tax rate...
Please write a multiple step income statement using the following accounts as needed. The tax rate is 30%. Common stock                                                                                        1,000,000 Retained Earnings                                                                                   3,200,000 Dividends                                                                                                   500,000 Interest Income                                                                                       250,000 Interest Expense                                                                                     100,000 Dividend Income                                                                                     50,000 Gain on Disposal of Plant Assets                                                          100,500 Unrealizezd Gain on Trading Securities                                              65,000 Unrealized Gain on Available for sale securities                                 10,000 Cost of Goods Sold                                                                                 286,000 Selling Expenses                                                                                      140,000 Sales Salaries Expenses                                                                         34,000 Depreciation Expense                                                                            100,000 Amortization Expense                                                                            25,000 Loss on Assset Impairment                                                                  ...
Income statement and earnings per share Shown below is information relating to operations of Laconia, Inc.,...
Income statement and earnings per share Shown below is information relating to operations of Laconia, Inc., for 2018: Operating information: Net sales $7,620,000 Cost and expenses $3,170,000 Income tax expense $580,000 Other data: Current-year profit generated by segment of the business discontinued in April (net of income taxes) $420,000 Gain on disposal of discontinued segment (net of income taxes) $108,000 Prior-period adjustment (decrease in prior years' income net of tax benefit) $168,000 Non-recurring loss $107,000 Income tax benefit on non-recurring...
Multiple-step income statement. Shown below is revenue, expense, gain, and loss information for AAA Corporation for...
Multiple-step income statement. Shown below is revenue, expense, gain, and loss information for AAA Corporation for 2019. Administrative expense 215,000 Cost of merchandise sold 408,500 Interest expense 13,000 Dividend revenue 19,500 Pre-tax loss on disposal of a component of the business 30,000 Loss from write-down of inventory 70,000 Sales revenue 945,000 Selling expenses 145,000 Instructions Prepare a multiple-step income statement, in proper form for 2019 for AAA Corporation that is presented in accordance with generally accepted accounting principles (including format...
1-The statement of changes in stockholders' equity: Multiple Choice Is part of the statement of retained...
1-The statement of changes in stockholders' equity: Multiple Choice Is part of the statement of retained earnings. Shows only the ending balances in stockholders' equity. Describes changes in paid-in capital and retained earnings subcategories. Does not include changes in treasury stock. Is reported by very few companies. 2- Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on June 30 for $40 per share. On July 20,...
Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue...
Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $156,283 Sales Returns and Allowances 2,051 Sales Discounts 4,185 Interest Revenue 420 Merchandise Inventory, January 1, 20-- 28,849 Purchases 111,557 Purchases Returns and Allowances 5,252 Purchases Discounts 2,686 Freight-In 887 Merchandise Inventory, December 31, 20-- 33,013 Wages Expense 27,582 Supplies Expense 760 Phone Expense...
Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue...
Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $156,876 Sales Returns and Allowances 2,344 Sales Discounts 4,155 Interest Revenue 419 Merchandise Inventory, January 1, 20-- 27,769 Purchases 112,094 Purchases Returns and Allowances 5,517 Purchases Discounts 2,710 Freight-In 870 Merchandise Inventory, December 31, 20-- 33,028 Wages Expense 27,611 Supplies Expense 744 Phone Expense...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT