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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.

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Prepare journal entries for each transaction listed. (If no entry is required for a transaction/event, select "No Journal Entry
AysviL [449]

Answer:

The journal entries are shown below:

Explanation:

According to the scenario, the journal entries for the given data are as follows:

(1). Jun.30   Bad Debt expense A/c Dr $12,800

                   To Allowance for Doubtful A/c $12,800

                    (Being the bad debt expense is recorded)

(2). July       Allowance for Doubtful A/c Dr $6,400

                   To Accounts Receivable A/c $6,400

                    (Being the customer balance written off is recorded)

7 0
3 years ago
1) Which of these is a social goal of any economic system?
vichka [17]

<u>A social goal of any economic system:</u>

All economic systems' broad goals saw as key to the U.S. economy are soundness, security, economic freedom, equity, economic growth, efficiency, and full employment.

Accomplishing these objectives is troublesome in light of the fact that—despite the fact that the objectives supplement each other now and again—by and large, there are exchange offs to confront. To keep up a solid economy, the national government looks to achieve three approach objectives: stable costs, full business, and financial development.

Notwithstanding these three arrangement objectives, the central government has different destinations to keep up the sound financial strategy. Monetary objectives are not in every case commonly perfect; the expense of tending to a specific objective or set of objectives is having fewer assets to focus on the rest of the objectives.

7 0
3 years ago
The following data have been provided by Letze Corporation from its activity-based costing accounting system: Factory supervisio
Alex Ar [27]

Answer:

Letze Corporation

Overhead allocation to Batch Set-Up:

Factory supervision = 55% of $460,000 = $253,000

Indirect factory labor = 60% of $220,000     132,000

Total overhead assigned                             $385,000

Explanation:

a) Data and Calculations:

Factory supervision $ 460,000

Indirect factory labor $ 220,000

Distribution of Resource Consumption across Activity Cost Pools:

Activity Cost Pools

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Factory supervision      55%                    35%                10%      100%

Indirect factory labor    60%                   20%                20%      100%

b) Letze Corporation can use Activity-Based Costing as a system of cost accumulation and allocation based on activity cost pools so that overhead costs are assigned based on the level of activity which each cost pool generates.  It tries to tie costs to the activities that generate them.

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3 years ago
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,638. The
mina [271]

Answer:

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Explanation:

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