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mina [271]
3 years ago
15

The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. . T

he 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%. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value of the segment’s assets, less costs to sell, on December 31 was $15 million. 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:
Anuta_ua [19.1K]3 years ago
8 0

Answer:

$2,250,000

Explanation:

Preparation for the lower portion of the 2021 income statement

CALIFORNIA MICROTECH CORPORATION

Partial Income Statement

For the Year Ended December 31, 2021

Income from continuing operations before income taxes 7,800,000

Less Income tax expense 1,950,000

(25%*7,800,000)

Income from continuing operations 5,850,000

Discontinued operations:

Loss from operations of discontinued component (4,800,000)

Income tax benefit, 1,200,000

(25%*4,800,000)

Loss on discontinued operations (3,600,000)

Net income (5,850,000 - 3,600,000) $2,250,000

Therefore the Net income will be $2,250,000

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Flounder Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par value, 20,700 shares issued
MAVERICK [17]

Answer and Explanation:

Date        Account Title and Explanation                            Debit          Credit

Feb 1     Treasury Stock (2000*$19)                                     $38,000

             Cash (2000*$19)                                                                       $38,000

              (Repurchased 2,000 treasury stock @ $19 per)

Mar 1     Cash (870*$17)                                                          $14,790

             Retained Earning {870*($19-$17)}                              $1,740

             Treasury Stock(870*$19)                                                           $16,530

             (Reissued 870 out of 2000 treasury stock @ $17 per)

Mar 18   Cash (530*$13)                                                           $6,890

              Retained Earning {530*($19-$13)}                             $3,180

              Treasury Stock(530*$19)                                                         $10,070

              (Reissued 530 out of 2000 treasury stock @ $13 per)

Apr 22  Cash (510*$21)                                                              $10,710

             Treasury Stock(510*$19)                                                            $9,690

             Paid in Capital from Treasury Stock{510*($21-$19)}                 $1,020

             (Reissued 510 out of 2000 treasury stock @ $17 per)  

 

NOTE : loss of sale should be charges from Retained Earning.

7 0
2 years ago
How can companies increase return on common stockholders’ equity without increasing revenue?
Pani-rosa [81]
D) By reducing expenses you increase margins which means there is more money available for stockholders
4 0
2 years ago
How old do you have to be to get a reverse mortgage
Murljashka [212]

Answer: Minimum 62 years

Explanation: As per the rules, the youngest borrower must have attained the age of 62 years to qualify for reverse mortgage loan. There are several other requirements as well.

HUD financial criteria also needs to be fulfilled by the borrower. The home in which borrowers be living must be their prime residence and the required home equity will also be required.

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2 years ago
Thomas Book Sales, Inc., supplies textbooks to college and university bookstores. The books are shipped with a proviso that they
nata0808 [166]

Answer:

The following summarizes the solution to the given problem.

Explanation:

The given values are:

Sales,

= $660,000

Expenses,

= $255,453

Received cash revenues,

= $605,934

(a)

According to the accrual, profits would be acknowledged and therefore not necessarily received on the occasion of purchase.

⇒ Net \ income=Sales-Expense

On substituting the given values, we get

⇒                     =660,000-255,453

⇒                     =404,547 ($)

(b)

⇒ Net \ Income =Received \ cash \ revenues-Expenses

On substituting the given values, we get

⇒                     =605,934-255,453

⇒                     =350,481 ($)

(c)

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3 years ago
______ is a structured program in which a high-potential trainee is groomed for a management position through a carefully design
vitfil [10]

Answer:

Management training program.

Explanation:

Management training program is a structured program in which a high-potential trainee is groomed for a management position through a carefully designed sequence of short-term job transfers and rotations, gaining experience with various parts of the business, often with increasing levels of challenge and responsibility.

Basically, it is a structured program which is typically designed and focused on improving a high-potential trainee's skills such as communication, listening, empathy, oratory abilities, etc, in order to make them to be more productive, valuable, an effective leader, and leverage on new opportunities that would help the organization achieve success in their set goals and objectives, as well as enhance their competitive advantage over rivals in the industry.

7 0
3 years ago
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