1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
katen-ka-za [31]
3 years ago
5

On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The sale was complete

d on December 31, 2021. The following additional facts pertain to the transaction:
The Footwear Division qualifies as a component of the entity according to GAAP regarding discontinued operations.
The book value of Footwear's assets totaled $48 million on the date of the sale.
Footwear's operating income was a pre-tax loss of $10 million in 2021.
Foxtrot's income tax rate is 25%.
In the income statement for the year ended December 31, 2021, Foxtrot Co. would report:______.
A. Income taxes separated for continuing and discontinued operations.
B. Income taxes reported for income and gains only.
C. All income taxes combined into one line item.
D. None of these answer choices are correct.
Business
1 answer:
Dominik [7]3 years ago
6 0

Answer: Income taxes separated for continuing and discontinued operations

Explanation:

the income statement for the year ended December 31, 2021, Foxtrot Co. would report income taxes separated for continuing and discontinued operations.

Discontinued operations are a segment of the core business of a company which has been shut down or in certain situations divested and are separately reported on the income statement of the company from the continuing operations.

The reason why discontinued operations have to be listed separately is to enable investors to differentiate between profits from continuing operations and the activities that aren't functioning anymore.

You might be interested in
Spencer Co. decides to establish a petty cash fund with a beginning balance of $200. The company decides that any purchase under
miv72 [106K]

Answer:

Explanation:

The journal entry is shown below:

Petty cash A/c $200

            To Cash A/c $200

(Being the petty cash fund is established)

Simply we debited the petty cash account and credited the cash account so that the correct posting can be done with the correct item and the correct value.

All other information which is given is not relevant. Hence, ignored it

4 0
3 years ago
In an interview, a tough question _____. A. May show the interviewer how you think under pressure b. May be designed to rattle y
m_a_m_a [10]

Answer:

D) All of the above

Explanation:

In a job interview, the interviewer must try to determine if a candidate fits the job profile or not, and he/she really has a very limited amount of time. A very effective way of knowing someone is how that person reacts under pressure when faced with really tough and problematic situations. Being interviewed is already tough, and a really difficult question that doesn't necessarily have a right or wrong answer doesn't make it easier.

Many times the applicant's reaction is more important than the answer itself.

3 0
2 years ago
Read 2 more answers
A weaker dollar benefits_______and hurts______.
oksian1 [2.3K]

Answer:

C. American businesses; American consumers.

Explanation:

Currently so many businesses of America are overseas, approximately 40%.

Now when the dollar turns weak these businesses are benefited in a manner that is the buyers needs to pay more for such deals.

Further with this as the buyers needs to pay more, even in the country the imported goods turns expensive as dollars decrease their value.

Accordingly, it is the american business man who gets benefited with weaker dollar, and the american consumer has to pay more for this.

4 0
3 years ago
An excise tax of $2 is placed on a jar of Honey. Honey producers end up bearing only $0.40 of the tax. The demand curve for hone
saw5 [17]

Answer:

The correct answer is option c.

Explanation:

If the demand for a product is elastic the tax burden will be borne by the producer. This is because elastic demand means that an increase in the price will lead to a more than proportionate reduction in the quantity demanded. So with the imposition of a tax, the sellers will not increase the price as it is likely to reduce demand.

If the demand is inelastic, it means that an increase in price will lead to less than a proportionate decrease in the demand. In this situation, after the imposition of tax, the tax burden can be shared between producer and buyer.

3 0
3 years ago
What would you do if you were offered a promotion that you were not certain about accepting? What factors would you take
antiseptic1488 [7]

Answer:

There are several factors to consider when accepting a new job offer. It is necessary to analyze whether the working conditions are in accordance with your expectations and career plan.

It is important to consider the roles and responsibilities of the position that you may assume, analyzing the job's assignments will give you a margin to consider whether the job offer is in line with your profile. It is also important to analyze the remuneration and benefits package offered to the position, as this can be advantageous and will influence your choice of accepting or not the offer.

Finally, it is important to analyze whether the offer is an opportunity that will contribute to your personal and professional growth, as in the work environment, there will always be new challenges that will be positive for the development of new skills and knowledge.

3 0
2 years ago
Other questions:
  • A business that received a grant would not have to repay that money. True or False?
    11·2 answers
  • During 2020, Harvey Industries reported cash provided by operations of $670,000, cash used in investing of $1,039,000, and cash
    12·1 answer
  • How do u maintain your allowance
    10·1 answer
  • What are the benefits of voip​
    5·1 answer
  • Concord has the following inventory information. July 1 Beginning Inventory 30 units at $19 $570 7 Purchases 80 units at $18 144
    10·1 answer
  • At an activity level of 3,000 units, North Corporation's total variable cost is $15,000 and its total fixed cost is $20,000. For
    5·1 answer
  • A new business is likely to need what bank service(s)? *
    7·1 answer
  • ook at these two sentences about Undeposited Funds: By posting to Undeposited Funds, you can create a single bank deposit for mu
    12·1 answer
  • _____ are the materials and resources as they are transformed by an organization's technology component.
    14·1 answer
  • in an international setting, day-to-day decisions about labor relations are usually handled by each foreign subsidiary
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!