Prepare discontinued operations section of income statement

Assignment Help Accounting Basics
Reference no: EM132880347

Problem - Results of Discontinued Operations - On November 30, Fleiner Company announced its plans to discontinue the operations of Division P (a major component of the company) by selling the division. On December 31, Division P had not yet been sold and was classified as held for sale. On this date, Division P had assets with a book value of $920,000 and liabilities with a book value of $610,000. Fleiner estimates that the fair value of Division P on this date is $190,000. During the year, Division P earned revenues of 920,000 and incurred expenses of $980,000. Fleiner is subject to a 30% income tax rate.

Required - Prepare the discontinued operations section of Fleiner's income statement. Show supporting calculations.

Reference no: EM132880347

Questions Cloud

How did the negotiations of the signing of the treaty : How did the negotiations, content and event details of the signing of the treaty at the end of WWI impact the effectiveness of the peace?
Determine the advantage and disadvantage of alternative : As a president of a newly formed tour company, decide how your tours will be marketed, either through retail travel agents, wholesale travel agent or whether
Causes of fuel price fluctuations : Explain one thing that was most surprising to most of the group members and why. Causes of Fuel Price fluctuations.
Identify organisational challenges facing management : In the light of the developing global business environment, identify the organisational challenges facing the management and leadership of W. L Gore & Assoc
Prepare discontinued operations section of income statement : Fleiner is subject to a 30% income tax rate. Prepare the discontinued operations section of Fleiner's income statement. Show supporting calculations
Analyze the social effects of the industrial revolution : Analyze the social, political, and economic effects of the Industrial Revolution on women and children during the period 1830 to 1910 in Great Britain
Highlight the whole entrepreneurial process : Which are the reasons why the entrepreneurs find it hard to step out and let others manage the business.
How were western allies able to supply the necessary food : How were the Western allies (Britain, United States, France, Australia, New Zealand, and Canada) able to supply the necessary food, fuel (coal)
Prepare Dibb income statement using single-step format : Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a single-step format

Reviews

Write a Review

Accounting Basics Questions & Answers

  How many months will it take you to pay off account balance

You have made arrangements to pay off the bill in installments of $380 per month, How many months will it take you to pay off the account balance

  What amount should be reported in other comprehensive income

What amount should be reported in other comprehensive income with respect to this HR investment on PR's 2019 statement of comprehensive income

  The holiday card company a producer of speciality cards has

the holiday card company a producer of speciality cards has asked you to complete several calculations based upon the

  Compute amount of dividends payable for ordinary shares

The Corporation had the following classes of shares outstanding as of December 31, 20x5: Ordinary shares, P 20 par value, 20,000 shares outstanding.

  Determine the amount of earned fees

Corbel Company experienced the following events and transactions during July. July 1 Received $2,000 cash in advance of performing work for Beth Oker.

  Thinken technology recently merged with college electronix

thinken technology recently merged with college electronix ce a computer graphics manufacturing firm. in performing a

  What is the minimum transfer price that corporate division

What is the minimum transfer price that Corporate Division should obtain for its services, assuming that it is operating at capacity?

  Calculate the estimated inventory

In addition, the controller is aware of $10,000 of inventory that was stolen during August from one of the company's warehouses. Calculate the estimated inventory at the end of August, assuming a markup on cost of 25%.

  Calculate the amount of his theft loss deduction

Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2019 is $45,000, calculate the amount of his theft loss deduction

  Nestleacute a switzerland-based company uses a sales

nestleacute a switzerland-based company uses a sales journal a purchases journal a cash receipts journal a cash

  Which is the most likely opinion will issue for noah audit

Which is the most likely opinion you will issue for the Noah audit? You are the auditor of Noah Limited (Noah) for the financial year ending 30 June

  Make cash flow statement using the indirect method

Adelphi Company for the fiscal years ended December 31, 2018 and 2017 follows. Make cash flow statement using the indirect method

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