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
Andrej [43]
2 years ago
8

On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor busin

ess for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $13 million. The loss from operations of the segment during 2021 was $4.8 million. Pretax income from continuing operations for the year totaled $7.8 million. The income tax rate is 25%.
Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions.)
Business
1 answer:
Hunter-Best [27]2 years ago
7 0

Answer and Explanation:

The preparation of the lower portion is presented below:

Income from the continuing operation

before income tax                   $7,800,000

Less: Income tax expenses ($7,800,000 × 25%) (1,950,000)

Income from continuing operation(A) 5,850,000

Discontinued operation:  

Loss from operation discontinued components

($15 - $13 - $4.8) ($2,800,000)

Income tax benefits ($2,800,000 × 25%)  $700,000

Loss on discontinued operation(B) ($21,000,000)

Net loss (A - B) -$15,150,000

You might be interested in
How do computers convert physical signals into digital data?​
klasskru [66]

This is done by connecting a device called a modem to the digital computer. This process of converting a digital signal to an analog signal is known as modulation. On the receiving end, the incoming analog signal is converted back to digital form in a process known as demodulation.

7 0
3 years ago
Read 2 more answers
For each transaction indicate whether each account would be classified in the balance sheet as an asset
oksano4ka [1.4K]

Answer:

I'm not at this level

Explanation:

Note: I'm really sorry if I didn't answer this. I am just doing a challenge and earning points. Sorry

6 0
2 years ago
A company is concerned about the number of customers that have to wait for service in their customer service department. Assume
uysha [10]

Answer:

E) None of these

Explanation:

Calculation to determine which of the following is the mean time between arrivals

Using this formula

Mean time between arrivals = 1/Arrival rate

Let plug in the formula

Mean time between arrivals= 1/12

Mean time between arrivals= 0.0833 hours or 5 minutes

Therefore the Mean time between arrivals will be 0.0833 hours or 5 minutes

4 0
3 years ago
Nikhil is a design manager for a production company. He independently assigns teams, chooses projects, researches trends, and is
Papessa [141]

Answer: Based on this description, it's safe to say that Nikhil's job is high in c. autonomy.

Explanation:

What is meant by an autonomy character?

This is a person who is able to decide or make decisions without being forced to do so they are independent individuals who can take control of their own tasks at a very high standard level. They are professionally capable of using their freedom to make exceptional decisions that are well thought of and of high standard.

Nikhil works independently , is able to distribute the work to the team and is able to provide proper standard report every month without being told or forced to do so this qualifies under autonomy.

6 0
2 years ago
Tune Store reports inventory using the lower of cost and net realizable value (NRV). Information related to its year-end invento
Genrish500 [490]

Answer:

inventory impairment/cost of good sold (p/l)   $500

Explanation:

IAS 2 requires that inventory be initially recognized at cost including cost of purchase and other necessary cost incurred in getting the inventory to the location where it becomes available for sale.

Subsequently, the item of inventory is carried at the lower of cost or net realizable value (NRV).

              Quantity    Unit Cost     Unit NRV      Lower of cost/NRV  Amount

Model A    100               $100              $ 120       $100                       $10,000

Model B      50                $50               $ 40        $40                         $2,000

Model C      20                $200             $210        $200                      $4,000

Adjustment required = 50 ($50 - $40)

=$500

This posted as

Debit inventory impairment/cost of good sold (p/l)   $500

Credit Inventory account                                              $500

5 0
3 years ago
Other questions:
  • What are the costs and benefits of making​ an action plan for climate change?
    8·1 answer
  • You are driving to a project status report meeting with your client. You encoun- tered a significant technical problem on the pr
    10·1 answer
  • In the field of quality control, the science of statistics is often used to determine if a process is "out of control". Suppose
    15·1 answer
  • at the end of the year, the walt disney company has a profit of $920 million. this profit belongs to which of the following grou
    15·1 answer
  • Robert Corp. granted an incentive stock option for 200 shares to Beverly, an employee, on March 14, Year 12. The option price an
    9·1 answer
  • The company's revenue for the month totaled $950,000 from credit sales, and its cost of goods sold for the month is $540,000. Pr
    10·1 answer
  • A company’s activities for Year 2 included the following: Gross sales $3,600,000 Cost of goods sold 1,200,000 Selling and admini
    7·1 answer
  • Operating leverage predicts the effects that fixed costs have on operating income when​ ________. A. there are no sales returns
    12·1 answer
  • Michael’s basement recently flooded. He has a homeowner’s policy covering flood damage that has a $500 deductible. The total dam
    6·1 answer
  • Green Field Potatoes Co. sells a by-product of its potato processing operation, called a filter cake, to area feed-lots as cattl
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!