An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 What net amount of loss should be reported as results of discontinued operations for 2020? a. 1,500,000 b. 1,700,000 c. 1,050,000 d. 1,400,000
An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 What net amount of loss should be reported as results of discontinued operations for 2020? a. 1,500,000 b. 1,700,000 c. 1,050,000 d. 1,400,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Question
An entity reported the following information for the year ended December 31, 2020:
|
Sales |
7,750,000 |
|
Cost of goods sold |
2,400,000 |
|
Administrative expenses |
700,000 |
|
Loss on sale of equipment |
100,000 |
|
Sales commissions |
500,000 |
|
Interest revenue |
450,000 |
|
Freight out |
150,000 |
|
Loss on early extinguishment of long-term debt |
200,000 |
|
Doubtful accounts expense |
150,000 |
What net amount of loss should be reported as results of discontinued operations for 2020?
a. 1,500,000
b. 1,700,000
c. 1,050,000
d. 1,400,000
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