1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Katen [24]
3 years ago
8

On June 30 Gomez Corporation discontinued its operations in Mexico. On September 1 Gomez disposed of the Mexico facility at a pr

etax loss of $680,000. The applicable tax rate is 25%. Show the discontinued operations section of Gomez's income statement.Discontinued OperationsLoss on disposal of Mexico facility, net of $ 170,000 tax $_____?_______
Business
1 answer:
Kipish [7]3 years ago
4 0

Answer:

- $510,000

Explanation:

Discontinued Operations:

Pretax Loss = $680,000

Applicable tax rate = 25%

After Tax Loss = Pretax Loss × (100% - Applicable tax rate)

                        = $680,000 × (100% - 25%)

                        = $680,000 × 75%

                        = - $510,000

Loss on Disposal of Discontinued Operations = - $510,000

You might be interested in
Brown Co. pays weekly salaries of $10,500 on Friday for a five-day workweek ending on that day. Assuming the end of the accounti
ra1l [238]

Answer:

c.credit to Wages Payable for $6,300.

Explanation:

The journal entry to record the wages expense is shown below;

Wages expense dr ($10,500 × 3 ÷ 5) $6,300

      To Wages payable $6,300

(being the wages expense is recorded)

Here the wages expense is debited as it increased the expense and credited the wages payable as it increased the liabilities

8 0
3 years ago
On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $236,300 an
Studentka2010 [4]

Answer:

Equipment, credit, $229,100

Explanation:

we record the entry when we purchase the equipment is

we debit the equipment, and credit the cash/accounts payable depending on whether we paid the cash or purchased the equipment on account.

We debit the equipment because equipment is our asset, and when asset goes up we debit them. We credit the cash because again cash is our asset and when asset goes down we credit them.

Now at the time of disposal, we want to remove the asset from our balance sheet. Equipment is disposed now. In other words, equipment is our asset, and disposing the equipment means asset goes down, and we show this effect by credit the equipment.

5 0
3 years ago
Sprint Planning is the only occasion where the Development Team estimates the Product Backlog Items A. True, because without est
Amanda [17]

Answer:

true

Explanation:

8 0
3 years ago
Vertical cooperative advertising is usually legal, except when: unquantifiable emotional appeals are involved. a representation,
mixas84 [53]

Vertical cooperative advertising is usually legal, except when bogus advertising allowances are given in the form of hidden price concessions.

3 0
3 years ago
New Business is just being formed by 10 investors, each of whom will own 10% of the business. The firm is expected to earn $500,
Triss [41]

Answer:

additional income is $11050  if the business is organized as a partnership rather than as a corporation

Explanation:

given data

investors = 10

own = 10%

earn =  $500000

corporate tax rate = 34%

personal tax rate = 35 %

to find out

How much additional spendable income

solution

we find here first income if formed as corporation in hand  that is

income if formed as corporation = earn × own ( 1 -  corporate tax ) × ( 1 - personal tax )

income if formed as corporation = 500000 × 10% ( 1 - 34% ) × ( 1 - 35% )

income if formed as corporation =$21450

and

income will be taxable if form partnership that is

income if formed partnership = earn × own ( 1 - personal tax )

put here value

income if formed partnership = 500000 × 10% ( 1 - 35% )

income if formed partnership = $32500

so

additional income is $32500 - $21450

additional income is $11050

4 0
3 years ago
Other questions:
  • Book Bound sells a wide variety of books to retail bookstores. Book Bound recently published two new books: a popular mystery no
    14·1 answer
  • In the process of brainstorming his goals Robert realize his web business was more about money than creativity his decision to i
    14·1 answer
  • Goods lawfully bearing trademarks or using patents and copyrighted material but entering the American markets without authorizat
    9·1 answer
  • Monetary policy is considered easy when the money supply is increasing rapidly, but considered ________ when the money supply is
    11·1 answer
  • The funds dispensed at the ATM machine located near the checkout line at the Kroger's in Union Kentucky, follows a normal probab
    8·1 answer
  • England Productions performs London shows. The average show sells 1,300 tickets at $60 per ticket. There are 150 shows a year. N
    5·1 answer
  • A class can belong to a more general category called a _______________.
    5·1 answer
  • Dylan made a presentation on the organization of the federal government of the United States. What indicates that Dylan's presen
    12·1 answer
  • Cruise Company produces a part that is used in the manufacture of one of its products. The unit manufacturing costs of this part
    15·1 answer
  • To qualify for a mortgage loan originator endorsement, applicants must meet education, examination, credit report, and ______ re
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!