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erma4kov [3.2K]
3 years ago
12

On August 1, 2021, Rocket Retailers adopted a plan to discontinue its catalog sales division, which qualifies as a separate comp

onent of the business according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by June 30, 2022. On January 31, 2022, Rocket's fiscal year-end, the following information relative to the discontinued division was accumulated: Operating loss Feb. 1, 2021–Jan. 31, 2022 $ 123,000 Estimated operating losses, Feb. 1–June 30, 2022 86,000 Impairment of division assets at Jan. 31, 2022 29,000 In its income statement for the year ended January 31, 2022, Rocket would report a before-tax loss on discontinued operations of: Multiple Choice $(209,000). $(152,000). $(123,000). $(57,000).
Business
1 answer:
andrey2020 [161]3 years ago
8 0

Answer:

$(123,000) + $(29,000)= $(152,000)

Explanation:

Discontinued operations are those operations of segment of a company where a formal plan exists to eliminate it from the company.

The revenues, gains, expenses, and losses pertaining to the discounting business segment are removed from the company's continuing operations and are reported separately on the company's income statement.

Hence, operating loss of $ 123,000 and impairment loss of $ 29,000 will separately be reported on income statement of the company.

Future estimated operating losses do not become part of the income statement.

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The company Lucy works for is made of cross-functional teams that focus on the project at hand. The projects they get are extrem
liberstina [14]

Answer:

Small batch and unit production.

Explanation:

Small batch and Unit production -

In this type of production , the primary focus of the organisation , is the satisfaction of the customer and is based on the preference of the customer .

For this type of manufacturing process , skilled labor and planning is very important to customize and prepare any good or service .

sometimes , the complete team focus on the production of the product one at a time , with lot of caution .

Hence , the information given in the question , the type of manufacturing process is best describes as Small batch and unit production .

6 0
3 years ago
To construct the consumer price index, the bureau of labor statistics must:
Afina-wow [57]
Find out what people buy and then proceed to survey how the prices of those items change 
7 0
3 years ago
Profits and losses are split as follows: Allen (20%), Burns (30%), and Costello (50%). Costello wants to leave the partnership a
eduard

Answer:

A. $24,000

Explanation:

The missing information is shown below:

Allen capital $60,000

Burns capital $30,000

Costello capital $90,000

For computing the balance of Burns’s capital account, first we have to determine the different amount which is shown below:

= Paid amount - Costello capital  

= $100,000 - $90,000

= $10,000

This bonus amount would be deducted from the remaining partner's balances in the ratio of 3:2

For Burns, it would be  

= $10,000 × 3 ÷ 5

= $6,000

So, the burns capital amount would be

= $30,000 - $6,000

= $24,000

7 0
3 years ago
Internal Controls for Bank Lending
julsineya [31]

Answer:

1. False

The higher the figure, the higher the risk. Kindly note that loans are usually insured against default. The higher the amount insured, the higher the premium payable as insurance on such amounts.

2. False

It does not make for good internal control to have one person regardless of their position to have the final say on loans of great magnitude such as $5 Million. This can quickly degenerate into a situation where the officer involved is tempted to abuse that power. It makes for good corporate governance and risk management to ensure that the board is responsible for loans of such magnitude.

3. True

If a bank lost $100 in a thousand places, from loan default, that translates to a loss of $100,000. This relatively is large however it is small and will have less impact that a loss of a million dollars in 3 places. That's $ 3,000,000.

As already indicated, it makes for good loan disbursement governance, to ensure that there is at least two persons involved in the risk acceptance criteria (RAC) evaluation and loan disbursement process.

4. False

Separation of duties is the foundation of good internal control. It allows for greater objectivity. It is also key to carefully select signatories to loan disbursements. They have to be people of impeccable character and the company must exercise proper risk management to ensure that every protocol such as opportunity that may create the impulse or inclination to breach policy is removed completely.

Cheers!

5 0
3 years ago
Question 8
Scrat [10]

New Jersey has jurisdiction over A-Rod's company because the "Mighty Moe was born in Jersey City."

This is based on the idea that State Court has general or broad jurisdiction over any legal issues except those not allowed by the state law, which is then directed to the Federal court.

In this case, given the available options, the state of New Jersey has jurisdiction over A-Rod's company because the "Mighty Moe was born in Jersey City."

Generally, a state court has general jurisdiction over any legal issues involving citizens from that particular state or company conducting business in that state.

Thus, another reason New Jersey has jurisdiction over A-Rod's company is that the company conducts its business in the state.

Hence, in this case, it is concluded that the correct answer is option C. "Mighty Moe was born in Jersey City."

Learn more here: brainly.com/question/19581785

6 0
3 years ago
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