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What is the amount of operating income for abc

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Reference no: EM133133634

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Q1. The following data includes all the elements from Cecil income statement:

Selling and Administrative Expenses $1,000

Loss on Disposal of Equipment 150

Sales 3,500

Interest Revenue 300

Cost of Goods Sold 1,200

Income Tax Expense 200

Loss from Discontinued Operations 310

What is the amount of operating income for ABC?

Q2. Fox Co. is a food and beverage company with the following divisions: Candy Bars, Beverages, and Snack Foods. Because of changing consumer tastes, the Snack Foods division has reported operating losses for the past three years, and Fox Co. has decided to sell that division. In July 2020, the Board of Directors approved a sale to take place in March 2021. Each division qualifies as a component of an entity.

Fox Co. reported pre-tax income from all of its operations (including the Snack division) of $100,000,000 for the year ended 12/31/20. The operating loss related to the Snack division in 2020 was ($10,000,000). The book value of the Snack division exceeded the market value by $500,000.

Fox Co's income tax rate is 30%.

What is Fox Co.'s 2020 Net Income?

Reference no: EM133133634

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