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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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Answer:

The correct answer is letter "B": among the factors that are responsible for market risk.

Explanation:

Market risk is the threat of an investment value falling due to factors that affect all market-wide investments. Investors always take on a certain level of risk. There is always the risk that their investments do not achieve expected returns. The risk falls into two categories: <em>Systematic risk </em>and <em>Unsystematic Risk. </em>

<em>Interest rates fluctuations, recession, and inflation are considered market risks.</em>

3 0
3 years ago
If you put $100 into a bank account that earns five percent interest per year, what is the formula you should use to determine t
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Future value equals the present value multiplied by one plus the rate of interest in decimals.

Explanation:

Future value = present value x (1 + interest rate)

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3 0
3 years ago
Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $44,000 in inventory. During t
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Answer:

The answer is $18,810

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4 0
3 years ago
An online sales order processing system most likely would have an advantage over a batch sales order processing system by: Recor
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Answer:

The answer is: Enabling shipment of customer orders to be initiated as soon as the orders are received.

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In a batch sales ordering process, your sales team gathers information about sales throughout an specific period of time and then enters it into the system all at once. While an online sales order processing system processes each sales transactions into your system immediately.

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3 years ago
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Answer:

"Persuasive"  "reminder"

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