Which item is not included in an S corporation's nonseparately computed income? a. Net sales. b. Cost of goods sold. c. Dividends received. d. Depreciation recapture. e. All of these are included in non-separately computed income.

Calculate the EBIT which should be used for the EV / EBIT multiple given the information below: Net revenues Cost of sales Gross Profit Selling, general and administrative expenses Amortization expense Restructuring costs Acquisition-related costs Asset impairment charges Gain on sales of assets Operating income Interest expense, net Loss on early extinguishment of debt Other expense, net Income (loss) before taxes (Benefit) provision for income taxes Net income (loss) Select one: 1,394,8 1,444.4 1,474.3 S 1,419.6 5,248.1 1,746.0 3,502.1 2,027.8 During fiscal 2050, the company sold assets relating to the Cutey brand for a total disposal price of $29.2. The Company allocated $4.2 of goodwill to the brand as part of the sale. The Company recorded a gain of $24.8 which has been reflected in Gain on sales of assets in the Consolidated Statement of Operations for the fiscal year ended June 30, 2050. 79.5 86.9 174.0 5.5 (24.8) 1,153.2 81.9 3.1 30.4 1,037.8 (40.4) 1,078.2

The Principle of Taxation class: What is the difference between income which is "realized" and income which is "recognized"?  Which respect to gains/losses from Capital Assets like equity securities (stock), at what point is the gain realized and when is it currently recognized?

Which of the following would be considered by the CRA to be business income rather than property income or capital gains? Profits from the sale of assets that were used to produce business income Profit from the sale of assets that were used to produce property income Profit from the sale of inventory items Both A and C

General Account You are about to determine your corporation's taxable income. Which of the following selections does not help to reduce the taxable income for the firm? a. Marketing expenses b. Depreciation expense c. Cost of goods sold d. Dividend expense

Which of the following refers to the elements of Comprehensive Income?  a) Net Income, Interest Payments and Income Tax Payments b) Retained Earnings and Other Comprehensive Income c) Net Income and Other Comprehensive Income d) Sales and Other Comprehensive Income

1.   Which statement is incorrect regarding presentation of statement  of  profit  or  loss  and  other  comprehensive income?a.   An   entity   may   use   the   title   'statement   of comprehensive  income'  instead  of  'statement  of profit or loss and other comprehensive income'.b.   An entity may present the profit or loss section in a separate statement of profit or loss.c.   If presented separately, the statement of profit or loss   shall   immediately   precede   the   statementpresenting   comprehensive   income,   which   shallbegin with profit or loss.d.   An entity may present a single statement of profit or  loss  and  other  comprehensive  income,  withprofit  or  loss  and  other  comprehensive  incomepresented in one section. 2.   The    statement    of    profit    or    loss    and    other comprehensive income shall presenta.   Profit or lossb.   Total other comprehensive incomec.   Comprehensive  income  for  the  period,  being  the total  of  profit  or  loss…

If a company reports a gain/(loss) from the sale of assets, as part of the net income on the income statement, and the net book value of those assets on the date of the sale is known, can the amount of the cash proceeds from the sale be determined? If so, how?

Please explain.

What is the accounting treatment for discontinued operations? A :    It is reported at its gross amount as an "other revenue or gain" or "other expense or loss".    B :    It is reported as an "other revenue or gain" or "other expense and loss", net of tax.    C :    It only needs to be disclosed in the footnotes of the financial statements.    D :    It may be treated as sales revenue (if it is a gain) and as an operating expense (if it is a loss).