Homework Answers
Loss from discontinued Operations = 84 million.
84 * 25% tax rate = 21.
84 - 21 = 63.
Loss from discontinued operations, net of tax (63)
Net Income (Loss) 162
Loss From Discontinued Operation = 84
Less : Tax on Discountinued (84 x 25%) = 21
Net of Tax = 63
| Income Statement | |
| For the fiscal year ended March 31,2021 | |
| ($ in millions) | |
| Sales revenue | 830 |
| Cost of goods sold | (350) |
| Gross profit (loss) | 480 |
| Operating expenses | (180) |
| Income from continuing operations before income taxes | 300 |
| income tax expense ($300 x 25%) | 75 |
| Income before discontinued operations | 225 |
| Loss from discontinued operations, net of tax | (63) |
| Net income (loss) | 162 |
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Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
Rembrandt Paint Company had the following Income statement Items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 27,00€ 282 480 Cost of goods sold Selling and administrative expense Restructuring costs $ 15,000 3,400 1,7ee In addition, during the year the company completed the disposal of its plastics...
2) The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL...
2) The following incorrect income
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AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
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Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
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2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
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