Income statement beginning with pretax incom

Assignment Help Accounting Basics
Reference no: EM13883681

1.On December 31, 2013, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2013 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 30%. Prepare the lower portion of the 2013 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

Reference no: EM13883681

Questions Cloud

Code 2-dimensional array that stores the average scores : Instructions: Code a 2-dimensional (2D) array that stores the average scores for 2 football teams across 2 years. In a method called setAvgScores, prompt for the averages and store them in the 2D array which will be returned
What level of distribution is hubway aiming for? : what level of distribution is Hubway aiming for?
Discuss the arbitrage pricing theory : Discuss the Arbitrage Pricing Theory and the Fama-French factor and the "preciseness" of techniques used to calculate cost of capital. How does one decide on which technique is best to use?
A 0.500 mole sample of an ideal gas : A 0.500 mole sample of an ideal gas is at a temperature of 309 K at atmospheric pressure. Calculate the volume occupied by the gas.
Income statement beginning with pretax incom : 1.On December 31, 2013, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million.
What ownership percentage of our firm must be sold : A potential investor is seeking to invest $750,000 in our venture at an expected 40% rate of return. The firm currently has 2,000,000 shares held by the founders. The venture is projected to generate $850,000 in income per year over the next 5 years...
What is the uncertainty in position : An electron traveling at 2.5×105m/s has an uncertainty in its velocity of 1.18×105m/s . What is the uncertainty in its position?
Describe the advantages and disadvantages a distributed data : Describe the advantages and disadvantages of using a distributed database and distributed data processing. Do you think the advantages are worthwhile? Explain your answer.
Determine the book value of the division assets : Pretax income from continuing operations for the year totaled $14 million.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the journal entries to record the transaction on

on december 31 2011 berry corporation sold some of its product to flynn company accepting a 3 four-year promissory note

  The following three seperate situations require adjusting

the following three seperate situations require adjusting journal entries to prepare financial statements as of april

  Selling and administrative expenses

Selling and administrative expenses include $39 million in restructuring costs.

  Accounts receivable for new partnership

For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is

  Most people do not understand that each set of alternatives

most people do not understand that each set of alternatives to any action will cost some price. the important thing to

  Ignore other manufacturing overhead costs

Ignore other manufacturing overhead costs.

  Employees in share option plans-fair value method

The measurement date for shares issued to employees in share option plans accounted for using the fair-value method is:

  Best way uses a perpetual inventory system

1. Make summary journal entries to record the store's transactions for the year ended January 31, 2012. Best Way uses a perpetual inventory system.

  Example of financial risk

Which one of the following is NOT an example of Financial Risk?

  Two types of industrial ventilation machines

Beeline Manufacturing produces two types of industrial ventilation machines: heavy-duty and standard. The assignment basis for overhead costs has always been direct labor hours. For 2013, Beeline compiled the following data for the two products

  Briana hope has had a long-standing love affair with

briana hope has had a long-standing love affair with technology and an appetite for apps. she believes that business

  Assumption of no tax consequences

The machine will have a 5-year life, at which time the terminal disposal value is expected to be $20,000. Upper Darby Park Department is assuming no tax consequences. If Upper Darby Park Department has a required rate of return of 10%, which of th..

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!

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