Revenues, expenses, gains, losses, and income tax related to "disconnected operation" must be removed from continuing operations and reported separately on the income statement.
<h3>What is
disconnected operation?</h3>
In the event that a shared data repository has brief outages, disconnected operation allows a client to keep using it to obtain vital information.
The examples of disconnected operations are-
- closure of a poorly performing section.
- merger-related redundancies
- a product line's sale
- discontinuing services that are no longer needed.
Some key features of disconnected operations are-
- Parts of a company's operations that have been sold off or discontinued are referred to as discontinued operations in accounting.
- They are listed separately from continuing operations on the income statement.
- Understanding which assets are being sold off when companies merge might help to clarify how a company will generate revenue in the future.
To know more about the income statement, here
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Answer:
Option (B) is correct.
Explanation:
A supply shock is a situation in which the price of the natural resource increases which result in an increase in the cost of production of the goods. This increase in the cost of production of the goods induces the producers to produce less amount of goods which reduces the supply of goods. This will lead to shift the short run supply curve of the goods leftwards and therefore, there is an increase in the price of the goods.
Answer:
A) $7,000
Explanation:
Smith can deduct the $5,000 he donated to the church he attends. The art work donated to the local museum must be deducted at its basis, which is $2,000. Since he only purchased the painting 4 months before, the price increase will be considered a short term capital gain. Donated short term capital gain property must be deducted at basis.
The $1,000 he donated to the needy family is not deductible, since it wasn't a qualifying organization.
