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White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase out the segment of its business. That segment reported a net loss prior to the measurement date of $74,000. White Lightning expects to incur additional losses of $35,000 during the phase out period. Management estimates a loss on the sale of the assets associated with the segment of $85,000. The income tax rate for the White Lightning is 30%Prepare the portion of the income statement beginning with "income from continuing operations before income tax" for the year ended 12/31/2004Write your figures in the form attached to the examination
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
Accountants frequently cite the going-concern assumption to justify using historical costs rather than market values in measuring assets. Market values are of less implication to a
I need help understanding my Accounting 205 class. Would some one please help me understand what I am having such a hard time comprehending.
Q. What do you mean by Aging? Aging -- a process where accounts receivable are sorted out by age (typically current, 30 to60 days old, 60 to 120 days old and so on.) Aging perm
the scope of operation research in modern management
Earned service revenue and received cash As its first transaction in July Metro performed deliverance services for customers and received USD 4800 cash. This transaction improv
Describe what journal entry pass in case of vat refundable and in case of vat payable? Ans) In case of vat payable: output vat Toinput vat To vat payable In case o
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Q. Objectives of financial reporting? Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the
Gracie invested P12000 cash in the business.
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