Accounting
On May 31, 20X1, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. By the end of the year, the assets have not been sold. The book value of those assets equals $850,000, and the company estimates their fair value to be $1,100,000. The component generated operating income of $450,000 for the year. In its income statement for the year ended December 31, 20X1, for what amount would the company report income from operations of a discontinued component (ignoring taxes).
On May 31, 20X1, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. By the end of the year, the assets have not been sold. The book value of those assets equals $850,000, and the company estimates their fair value to be $1,100,000. The component […]
On May 31, 20X1, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. The assets of the component were sold on October 13, 20X1, for $1,120,000. The component generated operating income of $300,000 from January 1, 20X1, through disposal. In its income statement for the year ended December 31, 20X1, the company reported before-tax income from operations of a discontinued component of $620,000. What was the book value of the assets of the cosmetics component?
On May 31, 20X1, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. The assets of the component were sold on October 13, 20X1, for $1,120,000. The component generated operating income of $300,000 from January 1, 20X1, through disposal. In its income statement for the […]
On May 31, 20X1, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. The assets of the component were sold on October 13, 20X1, for $1,200,000. The book value of those assets equaled $1,000,000 at the time of the sale. The component generated an operating loss of $300,000 from January 1, 20X1, through disposal. The company’s tax rate is 25%. For what amount would the company report income from discontinued operations?
On May 31, 20X1, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. The assets of the component were sold on October 13, 20X1, for $1,200,000. The book value of those assets equaled $1,000,000 at the time of the sale. The component generated an operating […]
For a manufacturing company, each of the following items would be considered nonoperating income for income statement purposes except:
For a manufacturing company, each of the following items would be considered nonoperating income for income statement purposes except: A. Income from investments. B. Cost of goods sold. C. Interest expense. D. Gain on sale of investments. B. Cost of goods sold.
The application of intraperiod income taxes requires that income taxes be apportioned to each of the following items except:
The application of intraperiod income taxes requires that income taxes be apportioned to each of the following items except: A. Income from continuing operations. B. Operating income. C. Discontinued operations. D. All of the other answer choices are incorrect. B. Operating income.
The following items appeared in the year-end trial balance for the Brown Coffee Company:
The following items appeared in the year-end trial balance for the Brown Coffee Company: Debits Credits – Revenues $600,000 – Operating expenses $420,000 – Income on discontinued operations 200,000 – Restructuring costs 100,000 – Interest expense 20,000 – Gain on sale of investments 30,000 Income tax expense has not yet been accrued. The company’s income […]
Which of the following captions would more likely be found in a multiple-step income statement?
Which of the following captions would more likely be found in a multiple-step income statement? A. Total expenses. B. Total revenues and gains. C. Operating income. D. All of the other answer choices are incorrect. C. Operating income.
PDD Accounting Analysis
Only need to do the accounting analysis part and write 2-page report. I put my draft in the attachment, use this structure to analyze. PDD AnnualReports/Annual Report 2019 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE […]
descriptive explanation
Using Chipotle’s 2022 Balance Sheet (from the 10K you have been reading), please estimate the following (and provide a descriptive explanation where necessary). Remember there is no single correct answer –only better ones than others based on the logic you used to arrive at your estimate. Operating Assets $______________ (this means you need to remove […]