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Andrej [43]
3 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]3 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

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Owning your own business allows you the freedom to A. enjoy more free time. B. bypass some laws and restrictions of the region i
7nadin3 [17]
D<span>:determine your own working hours. looks like the only logical one.</span>
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3 years ago
The act that requires most employers to withhold certain amounts from employees' earnings for contributions to the Social Securi
raketka [301]

Answer:

Federal Insurance Contributions Act

Explanation:

The Federal Insurance Contributions Act refers to a law that establishes the federal taxes that are deducted from employees' salaries to get the funds for social services like Medicare, disability insurance, among others. According to  this, the answer is that the act that requires most employers to withhold certain amounts from employees' earnings for contributions to the Social Security and Medicare programs is called the Federal Insurance Contributions Act.

5 0
3 years ago
Suppose someone takes out a home improvement loan for $30,000. The annual interest on the loan is 6% and is compounded monthly.
dsp73

Answer:

Explanation:

Monthly interest = 6 / 12 = .005

principal amount a₀ = 30000

an denote the amount owed at the end of the month

amount owed at the end of one month

a₁= 1.005 x a₀ - 600

amount owed at the end of 2 nd  month

a₂= 1.005 x a₁ - 600

amount owed at the end of nth month

an =  1.005x an-1  - 600 for n ≥ 1

4 0
3 years ago
CL Inc., a new firm, used mass media to gain traction among customers. The company used sales promotions and public relations to
uysha [10]

Answer: Integrated marketing communications

Explanation: It is a system of brand messaging used by several organisations nowadays. In such a system all the branches of marketing such as advertising, promotions, public relations etc are molded together to increase the potential of the business.

In the given case CL inc. used both sales promotion and public relation for making their potential and existing customers more aware.

Hence, from the above we can conclude that Option C is correct.

5 0
3 years ago
Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $510,000, and factory payro
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The preparation of Marcelino Co.'s Schedule of Cost of Goods Manufactured for April is as follows:

<u>Schedule of Cost of Goods Manufactured</u>:

Beginning Work in process          $123,500

Direct materials                             445,000

Direct labor                                    352,000

Applied overhead                          176,000

Ending Work in process               (251,500)

Cost of goods manufactured  $845,000

<h3>Calculating the cost of goods manufactured?</h3>

The cost of goods manufactured can be computed by adding the costs of direct materials, direct labor, and factory overhead to the beginning work in process inventory and subtracting the ending work in process inventory.

<h3>Data and Calculations:</h3>

March 31 Raw materials inventory = $81,000

Raw materials purchases = $510,000

Factory payroll cost = $368,000

Overhead costs:

Indirect materials =$56,000

Indirect labor, $29,000

Factory rent, $39,000

Factory utilities, $22,000

Factory equipment depreciation, $61,000

Total overhead costs = $207,000

Predetermined overhead rate = 50% of direct labor cost

Sales revenue of Job 306 = $645,000

Cost sheets of Job 306, Job 307, and Job 308

                                 Job 306         Job 307         Job 308           Total

Balances on March 31:

Direct materials        $31,000         $37,000                              $68,000

Direct labor                 21,000           16,000                                 37,000

Applied overhead      10,500            8,000                                  18,500

Total costs              $62,500         $61,000            $0             $123,500

Costs during April:

Direct materials       130,000         215,000     $100,000        445,000

Direct labor              101,000         150,000        101,000         352,000

Applied overhead   50,500           75,000         50,500          176,000

Total costs           $344,000      $501,000      $251,500    $1,096,500

Status on April 30 Finished (sold) Finished (sold) In process

Learn more about cost of goods manufactured at brainly.com/question/13767214

7 0
2 years ago
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