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Ad libitum [116K]
3 years ago
13

Major Co. reported 2016 income of $303,000 from continuing operations before income taxes and a before-tax loss on discontinued

operations of $75,000. All income is subject to a 36% tax rate. In the 2016 income statement, Major Co. would show the following line-item amounts for income tax expense and net income: Multiple Choice $109,080 and $228,000. $82,080 and $378,000. $109,080 and $145,920. $82,080 and $193,920.
Business
1 answer:
Mama L [17]3 years ago
3 0

Answer: $109,080; $145,920

Explanation:

Based on the information that have been provided in the question, the following can be gotten:

The amount for income tax expenses will be:

= 36% of $303,000

= 36/100 × $303,000

= 0.36 × $303,000

= $109,080

The net income will be:

Reported income = $303,000

Less income tax = $109,080

Less loss on discounted operation = $48,000

Net income = $145,920

Loss on discounted operation:

= $75,000 × (1 - 36%)

= $75,000 × (1 - 0.36)

= $75,000 × 0.64

= $48,000

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A bank has on-balance-sheet assets with a book value of $940 million and a market value of $985 million and on-balance-sheet lia
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Answer:

$45 million

Explanation:

Data provided in the question:

Book value of assets = $940 million

Market value of assets = $985 million

Book value of liabilities = $900 million

Market value of liabilities = $930 million

off-balance-sheet assets = $150 million

Off-balance-sheet liabilities = $160 million

Now,

Stockholders Net worth

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= $985 million + $150 million - $930 million - $160 million

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In May 2009, General Motors started closing 2,600 of its retail outlets and finally filed for bankruptcy in June. It emerged fro
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