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almond37 [142]
3 years ago
8

If plant assets of a manufacturing company are sold at a gain of $1,000,000 less related taxes of $350,000, and the gain is not

considered unusual or infrequent, the income statement for the period would disclose these effects as
A. operating income net of applicable taxes, $750,000.
B. an extraordinary item net of applicable taxes, $750,000.
C. a prior period adjustment net of applicable taxes, $1,000,000.
D. a gain of $1,000,000 and an increase in income tax expense of $350,000.
Business
1 answer:
alekssr [168]3 years ago
5 0

Answer:

D. a gain of $1,000,000 and an increase in income tax expense of $350,000.

Explanation:

Given that

The gain is $1,000,000

And, the taxes is $350,000

So here the income statement that disclose the impact is that

There is a gain of $1,000,000 and also at the same time the income tax expense is rise by $350,000

Therefore the option d is correct

hence, the same would be considered

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Explain the equation for the income statement. What are the three major items reported on the income statement?
Sergio039 [100]

The equation for the income statement is Revenues - Cost of goods = Net income. The three major items reported on the income statement are net income, gross profits, and operating income.

The income statement is a statement of the profits and losses of a firm. It consists of three income statements. The Net income is derived by deducting the expenses of the firm from its revenues (Net income = Revenue - Expenses). It may also be calculated by adding the operating income with the non-operating items.

Gross profit is arrived at by subtracting the expenditure made on the products that were sold from the revenue of a firm. The Operating income is the result of subtracting the operating expenses from the gross profit.

To learn more about income statement : brainly.com/question/14308954

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4 0
2 years ago
A corporation purchased manufacturing equipment for $100,000, with an estimated useful life of 10 years and a salvage value of $
bulgar [2K]

Answer:

The second year’s depreciation for this equipment using the straight line method is 8,500

Explanation:

Depreciation: Depreciation is a decreasing value of the assets due to the tear & wear, obsolescence, usage,etc.

The formula to compute the depreciation under straight lie method is shown below:

= \dfrac{(original\ cost - salvage\ value)}{useful\ life}

= = \dfrac{(\$100,000 - \$15,000)}{10}

= $8,500

The depreciation amount under straight line method should remain same over the estimated useful life

So, the second year’s depreciation for this equipment is $8,500

6 0
3 years ago
One way of shooting a bow is the bowsight aiming method. this method:
anyanavicka [17]
<span>the key to bowsight is to practice judging distance accurately. The shooter can keep both the eyes open while aiming. Its more versatile and takes longer time to become perfect.</span>
8 0
3 years ago
From this partial advertisement: Used car $93.38 per month for 60 months Cash price $4,200 Down payment $50 a. Calculate the amo
ludmilkaskok [199]

Answer: The answer is as follows:

Explanation:

Given that,

Used car $93.38 per month for 60 months

Cash price = $4,200

Down payment = $50

(a) Amount Financed = Total Value (Cash Price) - Down Payment

                                   =  4200 - 50

                                   = $4150

(b) Finance Charge = Total payments - Amount Financed

                                = 93.38 × 60 - 4150

                                = 5602.8 - 4150

                                = $1452.8

(c) Deferred payment price = Down Payment + Total payments

                                             = 50 + 5602.8

                                             = $5652.8

8 0
3 years ago
One disadvantage of the corporate form of business ownership is the:
Sliva [168]

Answer:

The correct answer is letter "D": double taxation of distributed profits.

Explanation:

A Corporation is an entity, typically with specific characteristics of a large business. Corporations are considered to be separate legal entities from their owners. This implies double taxation for profits: <em>one filing for corporate taxes and the other individually when the profits are distributed</em>.

4 0
3 years ago
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