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
frutty [35]
2 years ago
5

The following information pertains to Maynard Corporation’s income statement for the 12 months just ended. The company has an ef

fective income tax rate of 40%.
Discontinued operations $(70,000)
Extraordinary loss due to earthquake (90,000)
Income from continuing operations (net of tax) 72,000
Cumulative effect of change in accounting principle 60,000
Maynard’s net income for the year is

A. $8,000
B. $(24,000)
C. $12,000
D. $36,000
Business
1 answer:
Tanya [424]2 years ago
8 0

Answer:

C. $12,000

Explanation:

Income from continuing operation: 72,000

discontinued operation    (70,000)

earthquake loss                (90,000)

total non-operating loss: (160,000)

tax shield of 40%                64,000

net non-operating             (96,000)

adjustment on accounting principle: 60,000

then, we apply tax rate of 40%:      (24,000)

net effect on shift of accounting principle: 36,000

Net income for Maynard:

72,000 - 96,000 + 36,000 = 12,000

You might be interested in
According to the video, what are the two other most important ways banks make money?
marysya [2.9K]

Even though I didn't see the video mentioned in the question, banks make most of their money through banking fees and investments.

4 0
3 years ago
Which feature helps business address customer grievances
meriva
A customer service representative would be a feature commonly used by huge companies in addressing the customers' issues with regards to their products and services. Furthermore, customer feedback is very important because the company would have the idea on how to improve their service or product.
8 0
3 years ago
Read 2 more answers
What are five foundations of economics?
koban [17]

Answer:

incentives, trade-offs, opportunity cost, marginal thinking, and the principle that trade creates value.

Explanation:

8 0
3 years ago
Roma and Swain are partners in Roma & Swain Attorneys, LLP, a limited liability partnership. Roma supervises their firm's as
meriva

Answer:

b. Roma and Taylor

Explanation:

In this case each attorney is liable for his negligence, so Taylor will be liable for not appearing in court .

Roma is his supervisor, and he will also be liable because he is responsible for Taylor's performance.

The other attorneys in the firm will not be liable, because there is personal liability. When they are not directly involved in negligence, they will not be liable to Umberto.

4 0
3 years ago
When businesses form voluntary, collaborative partnerships with environmental organizations and regulators to achieve specific o
Dahasolnce [82]

Answer: Environmental partnerships.

Explanation:

It is important to understand that for most and all business to thrive there have to be an enabling environment for that to happen. Environment play a key or major role to the growth of any business and as such most business pay keen attention to their environment and do every means to ensure it is vulnerable for them to operate well. The partnership between organizations and seeking a operational environment to do their business is known as environmental partnership.

3 0
3 years ago
Other questions:
  • Jeremy is studying the effects of income on the demand for Greek ceramics. If "ceteris paribus" is used, which factors would be
    11·1 answer
  • In may, the price of a pair of jeans was 250% of its wholesale cost. in june, the price was reduced by 25%. after an additional
    13·2 answers
  • Barnes and Noble sells online through its website, while also selling through physical store locations. This type of retailing i
    6·1 answer
  • Jackie has determined some possible careers that would suit her include being a photographer, a graphic artist, a web designer,
    6·2 answers
  • Use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton Company Adjusted Trial Balance
    10·1 answer
  • Bouchard Company's stock sells for $20 per share, its last dividend (D0) was $1.00, its growth rate is a constant 6 percent, and
    15·1 answer
  • Bill wants to buy a bond whose face value is substantially higher than its market price. What kind of bond should he buy
    12·1 answer
  • A company started the year with $1,500 of supplies on hand. During the year the company purchased additional supplies of $800 an
    13·1 answer
  • Which person's unemployment is an example of frictional unemployment?
    13·1 answer
  • question mode multiple choice question a company is currently selling 10,000 units of product for $40 per unit. the unit contrib
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!