44RUL-W/formResponse?pli=1$116,200None of the aboveBased on the data above, discontinued operations will have the following effectin the income statement:A decrease by $39,200A decrease by $48,200O A decrease by $56,000Cannot be determinedBased on the data above, the net extraordinary loss was:$80,000 RequiredUse the following to answer the five questions below:The following accounts are extracted from the worksheet of X Company onDecember 31, 2020:Income from Operations$302,000Interest Revenue72,000Operating Expenses248,000Loss from sale of land45,000• During the year, the company suffered from abnormal and infrequenthurricane damages that had resulted in a $80,000 pretax tax loss• During the year also, the company stopped the activities of its BBsegment which had resulted in a net of tax operating loss of $30,000and a pretax loss on disposal $26,000Tax Rate was 30%Based on the data above, gross profit was:SeizeLast c$350.000

Losses appearing through out the year appear in the income statement as a deduction, therefore…

Answered: Based on the data above, discontinued…

Based on the data above, discontinued operations will have the following effect in the income statement: * A decrease by $39,200 A decrease by $48,200 A decrease by $56,000 Cannot be determined

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

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 10E: Spreadsheet The following 2019 information is available for Payne Company: Partial additional...

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Question

44RUL-W/formResponse?pli=1
$116,200
None of the above
Based on the data above, discontinued operations will have the following effect
in the income statement:
A decrease by $39,200
A decrease by $48,200
O A decrease by $56,000
Cannot be determined
Based on the data above, the net extraordinary loss was:
$80,000

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