User Account

All Pages

What amount should be reported as income from discontinued

Assignment Help Accounting Basics
Reference no: EM132730089

On October 1,2020, Lann Company approved a formal plan to sell a business segment. The sale will occur on March 31,2021. The segment had income of P 2,500,000 from January 1 to December 31,2020.

  • On December 31,2020, the carrying amount of the asset of the segment was P4,000,000 and the fair value less cost of disposal was P3,500,000. Tge income tax rate is 30%.

Problem 1: What amount should be reported as income from the discontinued segment for 2020?

Reference no: EM132730089

Questions Cloud

Compute and interpret the key financial ratios : Compute and interpret the key financial ratios using formulas. You can also extract the financial ratios reported in the financial analysis of the company
Analyze the details of the lease agreement : Analyze the details of the lease agreement and determine whether it should be classified as an operating or a capital lease by ABC Corporation
Identify the business type you have selected for your paper : Briefly respond to all the following questions. Make sure to explain and backup your responses with facts and examples. This assignment should be in APA format.
Eoq with discount model : When utilizing the 'EOQ with Discount Model,' the chosen purchase quantity may differ from EOQ. Explain why.
What amount should be reported as income from discontinued : Lann Company approved a formal plan to sell, What amount should be reported as income from the discontinued segment for 2020?
Discuss the must have items and the nice to have items : Discuss the "must have" items and the "nice to have" items you placed in your disaster recovery plan (remember companies have competing costs).
Decentralized architecture and centralized architecture : What, in your opinion, is the difference between a decentralized architecture and a centralized architecture?
Find what net cash flows from operating activities is : What Net cash flows from operating activities is? Sales, P102,000; Cost of goods sold, P40,000; Wages, P31,800; Purchase of land, P8,000; Increase in accounts
What is a leveraged buyout : What is a leveraged buyout (LBO)? How does an LBO compare to a management buyout (MBO)? Is a LBO a type of business combination? Explain.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Critically important real economic variable

Calculate the real wage (W/P) the first month of the Bush Sr. Administration (1/89) and compare it to the last month of the Bush Sr. Administration (12/92). Please show all work. Was Bill Clinton correct in his claim? Why or why not?

  Manufacturing co had 500 units three fifths completed in

manufacturing co. had 500 units three fifths completed in process at the beginning of the month. during the month 2000

  How will the price of the preferred stock be affected

If the yield on the Standard & Poor'sPreferred Stock Index declines, how will the price of the preferred stock be affected?

  The following information pertains to family video

the following information pertains to family video company. cash balance per bank july 31 9906.73. july bank service

  Discuss what could cause an ownership dispute

Discuss what could cause an ownership dispute. What is the difference between a dissenting and oppression case

  Considering investing in its own transport fleet

Your company is considering investing in its own transport fleet. The present position is that carriage is contracted to an outside organization. The life of the transport fleet would be five years, after which time the vehicles would have to be d..

  How many units did the Forming Department start

At the beginning of the month, the Forming Department of Martin Manufacturing had 30,000 units in inventory, How many units did the Forming Department start

  What would the annuity payment be

An ordinary annuity is worth 2,198.05 today, Promises to make equal payments the next 12 years. What would the annuity payment be

  Firm x needs to net income 12800000 from the sale of common

firm x needs to net income 12800000 from the sale of common stock. its investment banker has informed thw firm that the

  Who are the stakeholders in this situation

(Treasury Stock) Lois Kenneth, president of Sycamore Corporation, is concerned about several large stockholders who have been very vocal lately in their criticisms of her leadership.

  How much income must alan report from these businesses

Alan owns a 60% interest in an S corporation that earned $150,000 during the year. He also owns 60% of the stock in a C corporation that earned $150,000 during the year. The S corporation distributed $30,000 to Alan, and the C corporation paid ..

  Compare-contrast 3g wireless networks to 4g networks

The 3rd Generation Partnership Project (3GPP) developed the 3GPP LongTerm Evolution (LTE) standard for wireless communications technology. It is regarded as an evolution of the Global System for Mobile Communication (GSM), the Universal Mobile Tel..

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