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butalik [34]
2 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]2 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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An advantage of the fixed-period inventory system is that______.
nadya68 [22]

Answer:

The correct answer is (B)

Explanation:

There are various advantages of fixed inventory stock. The fixed-period stock and inventory framework requires more safety stock than a fixed-amount framework. A stock out can happen during the audit time just as during the lead time.  A significant advantage of fixed period stock is that, there is no physical check of stock when products are withdrawn.It helps to save time and money.

8 0
2 years ago
10.3. Gadgets are produced and sold in a competitive market. When there is no tax, the equilibrium price is $20 per gadget. The
ANEK [815]

Answer:

isΔ PdΔ Ps=EQs, PEQd,PAs given in the question, 40=EQs, P−0.5This perfectly elastic supply shows the burden of tax is imposed completely on the consumer, indicating the elasticity of supply is infinite.

6 0
2 years ago
​Fulkron, Inc. provides the following data taken from its third quarter​ budget: Jul Aug Sep Cash collections 67,000 $33,000 $42
fgiga [73]

Answer:

-$20,000 short fall

Explanation:

July:

Total cash available:

= Cash balance + Cash collections

= $12,000 + $67,000

= $79,000

End cash:

= Total cash available - Cash payments

= $79,000 - (33,000 + 12,000)

= $79,000 - $45,000

= $34,000

August:

Total cash available:

= Cash balance + Cash collections

= $34,000 + $33,000

= $67,000

End cash:

= Total cash available - Cash payments

= $67,000 - (34,000 + 20,000 + 33,000)

= $67,000 - $87,000

= -$20,000 (Short fall)

4 0
3 years ago
Consider the following items:
mrs_skeptik [129]

Answer:

land, Accounts Receivable

Notes Payable , Buildings

,Equiment

Explanation:

land will last very long if u take care if it

Notes payable are long-term assets because it says ' due in three years ' nad from what i know 3 years is alot

buildings are also very long-term asest if you build them strong and powerful

Notes Payable are long-term assets because it says " due in six months " . From whay i know 6 months is half year , and that is a lot

last but not least equiment . If you take care if your equiment it will stay good for al long time

P.S , hope it is right

PEACE

7 0
3 years ago
Diva Products produces scarves. The estimated fixed costs for the year are $164,500, and the estimated variable costs per unit a
Soloha48 [4]

Answer:

The answer is 23,500 units

Explanation:

Break-even point is the point at which the business is neither making profit or loss. The point at which total revenue equals total cost.

The formula for breakfast even point is Fixed cost ÷ contribution margin.

Where contribution per margin is selling price minus variable cost.

Contribution margin is now:

$16 - $9

$7 per unit.

Therefore, break-even point is

$164,500 ÷ $7

23,500 units

3 0
3 years ago
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