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ryzh [129]
3 years ago
8

Susan Inc. has been disappointed with the Willow Division's performance over the last few years and has decided that it would be

best to sell the division. As of December 31, 2019 the Willow divison is considered to be held for sale. The division's loss from operations for 2019 was $1,800,000. The division's book value and fair value less cost to sell on December 31 were $3,080,000 and $2,320,000, respectively. What should the company report as loss on discontinued operations (before tax) on its 2019 income statement
Business
1 answer:
labwork [276]3 years ago
3 0

Answer:

$2,560,000

Explanation:

impairment loss = division's book value - division's fair market value = $3,080,000 - $2,320,000 = $760,000

Assets held for sale are no longer depreciated, but they must be recorded at lower value between carrying cost and fair market value. Since the fair market value is lower than carrying value, then an impairment loss results.

loss on discontinued operations = loss from operations 2019 + impairment loss = $1,800,000 + $760,000 = $2,560,000

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3 0
2 years ago
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You're more likely to be effective if you begin with "harder" tactics and move to "softer" tactics only if the harder tactics fa
blagie [28]

Answer:

False

Explanation:

As per the chapter of power and politics, all tactics exercised depends on the audience on which it is exercised, and how responsive the audience reacts to such tactics, but it is said to apply the softer tactics as would be easy to apply for the individual and it might result favorable on audience.

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7 0
3 years ago
A company uses activity-based costing to determine the costs of its three products: a, b, and
Keith_Richards [23]

Answer:

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= $53,550 ÷ (7,100 + 13,200 + 5,200)

= $53,550 ÷ 25,500

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= $59,995 ÷ (1,175 + 1,000 + 2,050)

= $59,995 ÷ 4,225

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7 0
3 years ago
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Given: A customer subscribes to a $10,000 limited partnership interest.

That means initial cost = $10,000

So, the customer's beginning tax basis =  $10,000

3 0
3 years ago
Suppose Congress approves a proposed "temporary worker" program and American firms find
dybincka [34]

Answer:

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This cheaper labor would likely increase supply, because more producers would try to enter the market to take advantage of the cheap workers.

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3 years ago
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