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stiv31 [10]
3 years ago
8

In order for a loss on the disposal of a discontinued operation to be classified on the income statement as a discontinued opera

tion, it must be unusual in nature. True or False True False
Business
1 answer:
Fed [463]3 years ago
3 0

Answer:

False

Explanation:

When a company divests from a product line or shuts down one of it's operations which earlier formed part of it's core business, such a process is referred to as discontinuation of operations.

Loss arising out of disposal of discontinued operations yields tax benefits in the form of tax savings since such a loss is tax deductible.

The loss on the disposal of discontinued operations is reported in a separate section of the income statement.

Such losses are deducted from the income of continuing operations to arrive at the net income of an entity.

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A small business has determined that the machinery they currently use will wear out in 16 years. To replace the new machine when
Afina-wow [57]

Answer:

Present value deposit today = 216,886 (Approx)

Explanation:

Given:

Number of year (n) = 16 years x 4 quarter = 64

Rate of interest (r) = 1.6% = 0.016 / 4 = 0.004

Future value = $280,000

Present value = ?

Computation of present value deposit today:

Present\ value = \frac{Future\ value}{(1+r)^n}\\\\Present\ value = \frac{280,000}{(1+0.004)^{64}}\\\\Present\ value = \frac{280,000}{1.291}\\\\Present\ value = 216,886.135

Present value deposit today = 216,886 (Approx)

8 0
3 years ago
"Income tax was $175,000 for the year. Income tax payable was $30,000 and $40,000 at the beginning and end of the year, respecti
kolezko [41]

Answer:

Cash payments for income tax  = $165000

so correct option is C. 165,000

Explanation:

given data

Income tax = $175,000

beginning tax payable = $30,000

end of the year tax payable = $40,000

to find out

Cash payments for income tax reported on the statement of cash flows

solution

we get here Cash payments for income tax that is express as

Cash payments for income tax  = Income tax  + beginning tax payable - end of the year tax payable      ..............................1

put here value we get

Cash payments for income tax  = $175000 + $30000 - $40000

Cash payments for income tax  = $165000

so correct option is C. 165,000

5 0
2 years ago
At December 31, 2011 the accounting records of Gordon, Inc. contain the following items: If the Notes Payable is $10,000, the De
Vadim26 [7]

The question is incomplete. The complete question is as follows,

At December 31, 2011 the accounting records of Gordon, Inc. contain the following items:

Accounts Payable 2500

Land 30000

Building 31250

Notes Payable ?

Retained earnings 125000

Accounts Receivable 18750

Cash ?

Equipment 40000

Capital Stock 12500

If the Notes Payable is $10,000, the December 31, 2011 cash balance is:

Answer:

Cash = $30000

Explanation:

The accounting equation states that the sum of total assets is always equal to the sum of total liabilities plus total equity. We can state the equation as follows,

Total Assets = Total Liabilities + Total Equity

So,

(30000 + 31250 + 18750 + 40000 + Cash) = (2500 + 10000) + (125000 + 12500)

120000 + Cash = 12500 + 137500

Cash = 150000 - 120000

Cash = $30000

6 0
2 years ago
Some policymakers have argued that products like​ cigarettes, alcohol, and sweetened soda generate negative externalities in con
White raven [17]

Answer: The correct answers are "decrease" and "decrease".

Explanation: Some policymakers have argued that products like​ cigarettes, alcohol, and sweetened soda generate negative externalities in consumption. All else​ equal, if the government decided to impose a tax on​ soda, the equilibrium quantity of soda would​ <u>decrease</u> and the equilibrium price of soda would​ <u>decrease.</u>

4 0
3 years ago
An employee was suspended for two weeks for drug use. Six months later, the employee was fired from the job because her producti
kobusy [5.1K]
I believe it’s Involuntary Turnover. There’s a Quizlet that uses this exact same scenario that defines it as Involuntary Turnover
8 0
2 years ago
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