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On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $18 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $17 million. The loss from operations of the segment during 2016 was $3.2 million. Pretax income from continuing operations for the year totaled $6.0 million. The income tax rate is 35%.
Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.)
The Heating Division of KLM International produces a heating element that it sells to its customers for $45 per unit. Its variable cost per unit is $20, and its fixed cost per unit is $10. Top management of KLM International would like the Heating Di..
Peter, Roberts, and Dana have the following capital balances; $80,000, $100,000 and $60,000, respectively. The partners share profits and losses 20%, 40%, and 40% respectively. Roberts retires and is paid $160,000 based on an independent appraisal of..
What is the correct journal entry when you purchase inventory stock items. The report that lists all the accounts and the identifying number assigned to each account is called: The inventory item class used to identify goods purchased and held for re..
The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold. Record the May business activities and adjustments to the journal.
1) If you were to borrow 9,600 over five years at 0.14 compounded monthly, what would be your monthly payment? Your uncle promises to give you $600 per quarter for the next five years. How much is his promise worth right now if the interest rate is 0..
The B company had the following functional income statement for the month of May 2011. Calculate the company's break-even point in units. Calculate the company's break-even point in sales volume
Prepare a post-closing trial balance as of October 31 - During its first month of operation, the Rawls Repair Corporation
Judi uses the subsequent chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent ..
question to conceal defalcations involving receivables the auditor could expect an experienced bookkeeper to charge
Hanson Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,896,000 on March 1, $1,200,000 on June 1, and $3,056,000 on December 31. Use the weighted-average interest rate for int..
Stiner Company has a materials price standard of $2.00 per pound. Five thousand pounds of materials were purchased at $2.20 per pound. The actual quantity of materials used was 5,000 pounds, although the standard quantity allowed for the output was 4..
What are two groups of financial statements mandated by GASB Statement No. 34? For each group, what are the names of the individual statements that must be produced?
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