What amount should be reported as income from discontinued operations for 2020? A. 5,000,000 B. 4,200,000 C. 3,500,000 D. 5,600,000
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
What amount should be reported as income from discontinued operations
for 2020?
A. 5,000,000
B. 4,200,000
C. 3,500,000
D. 5,600,000
Step by step
Solved in 2 steps with 2 images
- Knowl Company plans to dispose of a group of net assets that form part of a disposal group. The net assets on December 31, 2020 are (at carrying value):Goodwill - 6,000,000; PPE - 18,000,000; Inventory - 10,000,000; Financial Assets (profit of 2,000,000 recognized in equity) - 7,000,000; Financial liabilities - 4,000,000; Total Net Assets - 37,000,000. Before the date of reclassification, the PPE has a fair value of 26,000,000; the inventory has a net realizable value of 9,000,000. The fair value less cost to sell of the disposal group is 25,000,000. What amount of the impairment is allocated to the inventory?Stamp Holding Company has several operating divisions. On October 1, 2021, management decided to sell one of its division that qualifies as a separate component according to IFRS. The division was sold on December 18, 2021, for a net selling price of P14,000,000. On that date, the net assets of the division has a book value of P12,000,000. For the period January 1, 2020 to the date of disposal, the division reported a pretax loss from operations of P4,200,000. The company’s income tax rate is 30% on all items of income or loss. Stamp Holding Company disclose separately involving its discontinued operations in the December 31, 2020 statement of comprehensive income?Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2024, the company adopted a plan to sell the assets of the division. Consider the following: • The actual sale was completed on December 15, 2024, at a price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. • The division incurred a before-tax operating loss from operations of $120,000 from the beginning of the year through December 15. . • Chance's after-tax income from its continuing operations is $550,000. • The income tax rate is 25%. Required: Prepare an income statement beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding…
- On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9.6 million. The robotics business segment qualifies as a component of the entity, according to GAAP. Consider the following additional information • The book value of the assets of the segment was $7.3 million at the time of the sale. . The income from operations of the segment during 2024 was $4.3 million. • Pretax income from other continuing operations for the year totaled $12.3 million. . The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4. REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes. Income from continuing…Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2024, the company adopted a plan to sell the assets of the division. Consider the following: • The actual sale was completed on December 15, 2024, at a price of $700,000. The book value of the division's assets was $1,210,000, resulting in a before-tax loss of $510,000 on the sale. • The division incurred a before-tax operating loss from operations of $180,000 from the beginning of the year through December 15. • Chance's after-tax income from its continuing operations is $650,000. • The income tax rate is 25%. Required: Prepare an income statement beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout…On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics business segment qualifies as a component of the entity, according to GAAP. Consider the following additional information: The book value of the assets of the segment was $7 million at the time of the sale. The income from operations of the segment during 2024 was $4 million. Pretax income from other continuing operations for the year totaled $12 million. The income tax rate is 25 % . Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes? Income from continuing operations ? Discontinued operations:
- Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2024, the company adopted a plan to sell the assets of the division. Consider the following: The actual sale was completed on December 15, 2024, at a price of $640,000. The book value of the division's assets was $1,090,000, resulting in a before-tax loss of $450,000 on the sale. The division incurred a before-tax operating loss from operations of $120,000 from the beginning of the year through December 15. Chance's after-tax income from its continuing operations is $590,000. The income tax rate is 25%. Required: Prepare an income statement beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the…On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $11.2 million. The robotics business segment qualifies as a component of the entity, according to GAAP. Consider the following additional information: The book value of the assets of the segment was $8.1 million at the time of the sale. The income from operations of the segment during 2024 was $5.1 million. Pretax income from other continuing operations for the year totaled $13.1 million. The income tax rate is 25 %. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $12 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information. • The book value of the assets of the segment at the time of the sale was $10 million. • The loss from operations of the segment during 2024 was $3.7 million. • Pretax income from other continuing operations for the year totaled $5.9 million. • The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4. Answer is complete but not entirely correct. CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2024 Income from…
- On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information. • The book value of the assets of the segment at the time of the sale was $12 million. • The loss from operations of the segment during 2024 was $4.5 million. • Pretax income from other continuing operations for the year totaled $6.6 million. • The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example. $4,000,000 rather than $4. CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes Income…Assume Avaya contracted to provide a customer with Internet infrastructure for $2,200,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming Avaya recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming Avaya recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at…Assume Avaya contracted to provide a customer with Internet infrastructure for $2,200,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming Avaya recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming Avaya recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at…