User Account

All Pages

How much shall be presented as profit on the face of income

Assignment Help Accounting Basics
Reference no: EM132817968

Nobita Corporation has two business segments, Segment A and Segment B. Segment A's business operation is continuing. Segment B met the criteria to be classified as "held for sale". The board of directors was able to dispose this segment (B) on September 1, 2021. Net proceeds from the sale were P20,000,000; while the segments' carrying amount on September 1, 2021 was P18,000,000.

The following pertains to the results of the operations of Segment A & B during 2021:

                                                                         Segment A                                           Segment B
                                        January 1 - December 31, 2021                    January 1 - December 31, 2021 
Revenue                                             25,000,000                                        2,000,000
Selling and general expenses                    15,000,000                                       15,000,000
Income tax 35%

Problem 1) How much shall be presented as Discontinued operations on the face of the income statement?

Problem 2) How much shall be presented as profit/loss on the face of the income statement?

Reference no: EM132817968

Questions Cloud

Determine the npv of purchasing the can machine : Assume the discount rate is 10% and the corporate tax rate is 21%. Determine the NPV of purchasing the can machine. Should you accept or reject the project?
Compare and contrast explicit and implicit code instruction : Compare and contrast explicit and implicit code instruction. Describe what type of learner might profit from each. Describe how you would adapt the directed.
What is the longbottom corp altman z-score : What is the Longbottom Corp's Altman Z-score and what does it predict for the next year?
ECO 100 Principles of Economics Assignment : ECO 100 Principles of Economics Assignment Help and Solution - Strayer University, USA - Homework Help - Economic Principles - Macroeconomics
How much shall be presented as profit on the face of income : Nobita Corporation has two business segments, How much shall be presented as profit/loss on the face of the income statement?
Propose ways organization able to mitigate challenges : Speculate on any barriers or challenges your target student population might encounter with taking classes via the ways you recommended.
Determine the implicit interest rate : Your opportunity cost is 8.0 % and you are given the following 3 credit terms from your suppliers. Determine the implicit interest rate (opportunity cost)
How would you deal with an angry or irate customer : Your place of employment has expanded and is looking to hire people who will be working with you. Because you will be working with the new hires.
Determine the present value of the lottery : 1. You have just won $10 million in the state lottery, which promises to pay you $1 million (tax free) every year for the next 10 years.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Utease corporation has many production plants across the

utease corporation has many production plants across the midwestern united states. a newly opened plant the bellingham

  Along with expenses of rent 10700 supplies 5200

1. a and b are married are both age 50 and have two dependent children c aged 18 and d aged 20 and live in

  Prepare journal entries to record the transactions

Prepare journal entries to record the transactions above on the books of Teletex Systems, Inc. The company uses a periodic inventory system

  What will be the effect on rapid industries operating profit

What will be the effect on Rapid Industries' operating profit if the transfer is made internally? What is the minimum transfer price

  What is total stockholders equity

The market value of the stock at that time was $15 per share. Following this transaction, what is total stockholders' equity

  Prepare the stockholders equity section of the balance sheet

Sold and issued 21,400 shares of the no-par common stock at $22 cash per share. Prepare the stockholders' equity section of the balance sheet at December

  What is the ratio of price to be expected earnings

Equity-financed with 100,000 shares. An issue of $260,000 of debt with 12% interest. What is the ratio of price to be expected earnings

  What is the ending inventory per branch books

The home office is aware that the cost of goods sold of the branch in its separate books is overstated by P70,000. What is the ending inventory per branch books

  Data regarding a potential capital investment follows

data regarding a potential capital investment follows startup cost 100000 salvage value 10000 net annual cash flow

  Determine the activity rates

Determine the activity rates, assuming that the indirect labor is associated with activities rather than with the production departments

  Compute the fixed overhead spending variance

Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each variance is favorable.

  Prepare the entries on both companies books

Prepare the entries on both companies' books assuming that the exchange had commercial substance

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd