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xenn [34]
3 years ago
7

On October 28, 2021, a company committed to a plan to sell a division that qualified as a component of the entity according to G

AAP regarding discontinued operations and was properly classified as held for sale on December 31, 2021, the end of the company's fiscal year. The division's loss from operations for 2021 was $1,990,000. The division's book value and fair value less cost to sell on December 31 were $3,000,000 and $3,630,000, respectively. What before-tax amount(s) should the company report as loss on discontinued operations in its 2021 income statement?
Business
1 answer:
german3 years ago
3 0

Answer:

The company report as loss on discontinued operations in its 2021 income statement is $1,990,000

Explanation:

The computation of the loss on discontinued operations is shown below:

= Division loss from operations  

= $1,990,000

As no impairment loss is there because there is a gain as fair value is more than the book value.  

For calculating the loss on discontinued operations, the gain should not be considered. So, only Division loss from operations is relevant and hence taken in the computation part

The gain would be

= $3,630,000 - $3,000,000

= $630,000

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ABC Company's production budget for October is based on 500 units. Standard unit cost for raw materials is $130 per unit ($10 pe
melisa1 [442]

Answer and Explanation:

The computation is shown below;

a. Raw material price variance is

= (standard price - actual price) × actual quantity

= ($10 - $11) × ($69,300 ÷ $11)

= ($10 - $11) × 6,300

= $6,300 unfavorable

b. The raw material usage variance is

= (Standard quantity - actual quantity) × standard price

= (525 × 13 - 6,300) × $10

= $5,250 favorable

In this way it should be calculated

3 0
2 years ago
The ________ is responsible for monitoring the money supply and the general stability and safety of the u. s. banking system.
____ [38]

The Federal Reserve is responsible for monitoring the money supply and the general stability and safety of u. s. banking system.

The US Central Banking System - The Federal Reserve System or Federal Reserve Board (Fed) is the most powerful economic institution in the United States and possibly the world. Its core responsibilities include setting interest rates, managing the money supply, and regulating financial markets.

The Federal Reserve promotes the safety and soundness of individual financial institutions and oversees their impact on the financial system as a whole.

The FOMC controls the country's money supply. The voting members of the FOMC are the Board of Governors, the president of the Federal Reserve Bank of New York, and the presidents of the other four Reserve Banks, who function on a rotating basis. All Reserve Bank Governors participate in FOMC policy discussions.

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8 0
1 year ago
A worker who loses a job at a call center because business firms switch the call center to another country is an example of whic
alexira [117]

Answer:

"Structural unemployment" is the right approach.

Explanation:

  • The terminology economists mischaracterize unemployment, which seems to be the consequences of such an absence or failure of coordination of talents as well as of opportunities, is defined as Structural unemployment.
  • This would be caused by economic shifts that prevent jobless persons from finding opportunities throughout different firms with very high qualifications.
6 0
3 years ago
3. assume that cane expects to produce and sell 91,000 alphas during the current year. one of cane's sales representatives has f
allochka39001 [22]

the financial advantage (disadvantage) of accepting the new customer's order Profits will be increased by $273,000 if an order is accepted.

someone who represents some other person or a group: The employer has representatives in maximum EU capitals. A consultant is likewise a member of a regulation-making institution. employees from every department select a representative. She had a disturbing task as an income consultant. the brand-new head of the country needs to be selected by way of an 87-member representative council. He was in no manner representative of canine trainers in trendy.

A character elected or in any other case appointed to represent personnel, for instance, for the purposes of records and session workout throughout a collective redundancy or transfer of a venture challenge to TUPE, or for the functions of a data and consultation agreement. Representatives are selected with the aid of residents to serve in legislative bodies and to voice their worries to the authorities. The legislature of the American government is called Congress. The job of Congress is to make the laws and policies of the USA.

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3 0
1 year ago
Nguyen Inc. applies overhead to products based on direct labor hours using normal costing. During 2016, total overhead costs wer
jek_recluse [69]

Answer:

overhead rate: 17.5

Explanation:

The difference between applied an actual overhead is calculated as follows:

actual hours x overhead rate - actual cost = over or underapplied overhead

underapplied means actual were higher than applied

while, overapplied means the actual cost were lower.

Based on this information we can set up the foermula as follows:

overhead rate x 32,000 -540,000 =  20,000

now we solve for the rate:

rate = (20,000 + 540,000) / 32,000 = 17.5

3 0
3 years ago
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