Bramble Company sold its licorice division resulting in a loss of $81200. Assuming a tax rate of 20%, the loss on this disposal will be reported on the income statement at what amount? O $16240 O $81200 O $97440 O $64960
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- On January 1, 20x6, the Bronze Co. purchased equipment for P300,000. The equipment was being depreciated over an estimated life of 10 years on the straight-line method, with no estimated residual value. On December 31, 20x9, the equipment was sold for P200,000. The historical cost/constant peso statement of profit or loss prepared for the year ended December 31, 20x9 should include how much gain or loss from this sale? *On June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of the Mexico facility at a pretax loss of $ 690,000. The applicable tax rate is 30%. Show the discontinued operations section of Flores’s statement of comprehensive income.Oriole Company purchased equipment that cost $2595000 on January 1, 2020. The entire cost was recorded as an expense. The equipment had a 9-year life and a $103800 residual value. Oriole uses the straight-line method to account for depreciation expense. The error was discovered on December 10, 2022. Oriole is subject to a 30% tax rate. Oriole’s net income for the year ended December 31, 2020, was understated by $2595000. $2318200. $1816500. $1622740.
- On May 31, 2015, top management of Stafford Manufacturing Co. decided to dispose of an unprofitable business component. An operating loss of $210,000 associated with the component was incurred during the year. The plant facilities associated with the business segment were sold on November 30, and a $23,000 gain was realized on the sale of the plant assets. Assuming a 30% tax rate, prepare the discontinued operations section of Stafford Manufacturing Co.’s income statement for the year ending December 31, 2015. What additional information about the discontinued segment would be provided by Stafford Manufacturing if it were reporting using the accounting standards of the United Kingdom?need help figuring out the comprehensive income On June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of the Mexico facility at a pretax loss of $570,000. The applicable tax rate is 22%. keyword dividends,expenses,loss on disposal of discontinued operations,net income/loss, retained earningsOn June 30, Reyes Corporation discontinued its operations in Mexico. On September 1, Reyes disposed of the Mexico facility at a pretax loss of $640,000. The applicable tax rate is 25%. Show the discontinued operations section of Reyes
- 4. Enron Company decided on August 1, 2011 to dispose of a component of its business. The component was sold on November 30, 2011. Enron's income for 2011 included income of P5,000,000 from operating the discontinued segment from January 1 to the sale date. Enron incurred a loss on the November 30 sale of P4,500,000. Ignoring income tax, what amount should be reported in the 2011 income statement as income or loss under "discontinued operation"? a. 4,500,000 loss b. 5,000,000 income c. 500,000 loss d. 500,000 incomeWanda sold an asset for £10,000. The original cost was £23,000. The asset, which had an estimated residual value of £6,000, had a net book value at the time of sale of £9,000. What was the profit or loss on disposal? a) £1,000 lossb) £4,000 profitc) £1,000 profitd) £4,000 lossA corporation sold a piece of equipment during the tax year for $85,200. The accounting records show that its cost basis is $190,000 and the accumulated depreciation is $150,000. Does the company owe additional taxes due to this sale? no excel
- HunterX Company purchased pressing machinery that cost P54,000 on January 4, 2023. The entire cost was recorded as an expense. The machinery has a nine-year life and a P50,400 depreciable cost. The error was discovered on December 20, 2025. Ignoring income tax consideration, HunterX statement of comprehensive income for the year ended December 31, 2025 should show depreciation expense in the amount of A. 48.400 B. 32.700 C. 16,800 Before the correction was made, the January 1, 2025, retained earnings was understated by A 54.000 B. 48 400 C. 42.800Lagace Ltd. suffered an unusual and infrequent loss of from a tornado during 2023 that was partially insured. In addition, the company realized a loss from the disposal of a building. Include calculation and disclosure of EPS. Income from operations before tax $5,1000,000 Loss from tornado $1,250,000 Insurance portion of loss from tornado $500000 Loss from disposal of a building $85000 Income tax rate 35% Common share outstanding during 2023 2,000,000 Prepare a partial income statement for Lagace, beginning with income from operations. Include disclosure of EPS. Display all amounts as positive numbersEsquire Comic Book Company had income before tax of $1,000,000 in 2018 before considering the followingmaterial items:1. Esquire sold one of its operating divisions, which qualified as a separate component according to generallyaccepted accounting principles. The before-tax loss on disposal was $350,000. The division generated beforetax income from operations from the beginning of the year through disposal of $500,000. Neither the loss ondisposal nor the operating income is included in the $1,000,000 before-tax income the company generatedfrom its other divisions.2. The company incurred restructuring costs of $80,000 during the year.Required:Prepare a 2018 income statement for Esquire beginning with income from continuing operations. Assume anincome tax rate of 40%. Ignore EPS disclosures
