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butalik [34]
3 years ago
14

On December 2, Year 1, Flint Corp.'s board of directors voted to discontinue operations of its frozen food division and to sell

the division's assets on the open market as soon as possible. This decision represents a major strategic shift for Flint and will have a significant effect on operations and financial results. The division reported net operating losses of $20,000 in December and $30,000 in January. On February 26, Year 2, sale of the division's assets resulted in a gain of $90,000. Assuming that the frozen food division qualifies as a component of the business and ignoring income taxes, what amount of gain/loss from discontinued operations should Flint recognize in its income statement for Year 2?
A. 60,000
B. 90,000
C. 0
D. 40,000
Business
1 answer:
WITCHER [35]3 years ago
7 0

Answer:

The amount of gain that Flint should recognize in its income statement for year 2 is $60,000,option A.

Explanation:

The losses recorded in January is offset against the disposal proceeds of the asset,thereby leaving a gain of $60000($90000-$30000)

The losses recorded in December of year 1 is not relevant in computing gain or loss for year 2 as the losses would have been recorded since gains and losses from discontinued operations are expected to be reported same year.

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6 0
2 years ago
Hoosier Manufacturing operates a production shop that is designed to have the lowest unit production cost at an output rate of 1
soldier1979 [14.2K]

Answer:

The Capacity utilization rate is 73.94 units per hour for the month.

Explanation:

Provided data,

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In the month of July,

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Ideal output units in the month of July = output rate × total production hour

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7 0
3 years ago
Economists know it is best to track inflation because a. It distorts prices b. It distorts statistics about overall economic per
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Answer:

c. it makes prices rise

Explanation:

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3 years ago
Jing-Sheng facilitated a hiring committee for his advertising company. Six employees (including two managers) met together to di
Ganezh [65]

Answer:

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3 0
3 years ago
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