
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Topic Video
Question
Please Answer B, C and D from the screenshot.
![**Discontinued Operations**
Campbell Soup reported discontinued operations in its Form 10-Q for the third quarter ended April 28, 2019. The company reported that, during the third quarter, it sold its Garden Fresh Gourmet business for approximately $55 million and also signed a definitive agreement for the sale of Bolthouse Farms for $510 million and expects to close the deal before July 2019. The company disclosed the following related to these discontinued operations ($ millions).
**Table: For the Nine Months Ended April 28, 2019**
- **Net sales:** $666
- **Earnings (loss) from operations, after-tax:** $(279)
- **Loss on sale of businesses, net of tax:** $(52)
- **Loss from discontinued operations:** $(331)
**Questions:**
a. Which of the following best describes how Campbell Soup reported the Bolthouse transaction?
i. Campbell Soup will report the Bolthouse unit as discontinued operations in the quarter in which the unit is formally sold.
ii. Campbell Soup reported the Bolthouse unit as discontinued operations in the April 28, 2019, income statement even though the unit had not been formally sold by then.
iii. Campbell Soup will retroactively report the Bolthouse unit as discontinued operations in the year in which the unit is formally sold.
iv. Campbell Soup will pro-rate the effects of the Bolthouse unit sale (as discontinued operations) event among the fiscal quarters in year in which the unit is formally sold.
Correct answer: [ ]
b. What amount of sales revenue did Campbell Soup earn from Garden Fresh Gourmet and Bolthouse for the first three quarters of fiscal 2019? $[ ] million
c. What amount of earnings did Campbell Soup report from Garden Fresh Gourmet and Bolthouse for the first three quarters of fiscal 2019? $[ ] million
d. What was the combined selling price for Garden Fresh Gourmet and Bolthouse Farms? $[ ] million](https://content.bartleby.com/qna-images/question/957a2a4a-b5bb-4bdd-9533-610e03247f61/d3702e2c-ffe5-4ac9-849e-0e862f222d8b/khvnkq5_thumbnail.png)
Transcribed Image Text:**Discontinued Operations**
Campbell Soup reported discontinued operations in its Form 10-Q for the third quarter ended April 28, 2019. The company reported that, during the third quarter, it sold its Garden Fresh Gourmet business for approximately $55 million and also signed a definitive agreement for the sale of Bolthouse Farms for $510 million and expects to close the deal before July 2019. The company disclosed the following related to these discontinued operations ($ millions).
**Table: For the Nine Months Ended April 28, 2019**
- **Net sales:** $666
- **Earnings (loss) from operations, after-tax:** $(279)
- **Loss on sale of businesses, net of tax:** $(52)
- **Loss from discontinued operations:** $(331)
**Questions:**
a. Which of the following best describes how Campbell Soup reported the Bolthouse transaction?
i. Campbell Soup will report the Bolthouse unit as discontinued operations in the quarter in which the unit is formally sold.
ii. Campbell Soup reported the Bolthouse unit as discontinued operations in the April 28, 2019, income statement even though the unit had not been formally sold by then.
iii. Campbell Soup will retroactively report the Bolthouse unit as discontinued operations in the year in which the unit is formally sold.
iv. Campbell Soup will pro-rate the effects of the Bolthouse unit sale (as discontinued operations) event among the fiscal quarters in year in which the unit is formally sold.
Correct answer: [ ]
b. What amount of sales revenue did Campbell Soup earn from Garden Fresh Gourmet and Bolthouse for the first three quarters of fiscal 2019? $[ ] million
c. What amount of earnings did Campbell Soup report from Garden Fresh Gourmet and Bolthouse for the first three quarters of fiscal 2019? $[ ] million
d. What was the combined selling price for Garden Fresh Gourmet and Bolthouse Farms? $[ ] million
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 4 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- PLEASE EXPLAIN EACH POINT STEP BY STEParrow_forwardHow do you make a two-dimensional columnar chart in excel?arrow_forwardCreate a SQL table using your name with the following features: the columns of your table must include, at least the data types (in this order) and one more of your choice NOTE: You need to specify a 2 column (i.e 2 attribute 1. varchar (n), // where n covers the string length you want to enter 2. Int, 3. decimal, (precision = 8, scale = 3 4. date. 5. ??? your choice here ??? Table constraints: 1. It has a two column primary key 2. a check constraint on 2 columns, on the decimal and the date field 3. Use '2024-02-18' date as the default on the date field 5. write down your relational schema 5. Create the table, insert at least 4 rows, and do a Select * to show them example don't just copy these, change the constraint namesarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education