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For the year ending December 31, 2016, Micron Corporation had income from continuing operations before taxes of $1,250,000 before considering the following transactions and events. All of the items described below are before taxes and the amounts should be considered material. 1. In November 2016, Micron sold its Waffle House restaurant chain that qualified as a component of an entity. The company had adopted a plan to sell the chain in May 2016. The income from operations of the chain from January 1, 2016, through November was $165,000 and the loss on sale of the chain’s assets was $310,000. 2. In 2016, Micron sold one of its six factories for $1,300,000. At the time of the sale, the factory had a carrying value of $1,150,000. The factory was not considered a component of the entity. 3. In 2014, Micron’s accountant omitted the annual adjustment for patent amortization expense of $125,000. The error was not discovered until December 2016. Required: Prepare Micron’s income statement, beginning with income from continuing operations before taxes, for the year ended December 31, 2016. Assume an income tax rate of 20%. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.)
Related to direct materials costs for November
An organization wishes to purchase an application and is undergoing a formal procurement process to evaluate and select a product. What documentation should the organization use to make sure that the application selected has the appropriate security-..
Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also, separate the current liabilities from the non-current liabilities and provide a total for each.
Chris's Cookie toppings makes payment on its inventory purchase as follows: 25% in the month of purchase, 65% in the following month, and 10% in the second month following purchase.
Crisp Cookware's common stock is expected to pay a dividend of $3 a share at the end of this year (D1 = $3.00); its beta is 1.15; the risk-free rate is 5%; and the market risk premium is 5%. The dividend is expected to grow at some constant rate g, a..
Was the note issued at a discount or a premium?What is the fair market value of the land at the date of exchange?What is the gain or loss on the sale of the land?
1. liabilities are a.any accounts having credit balances after closing entries are made. b.deferred credits that are
What are the likely effects of the change in the yuan's real value on the dollar profits of a textile manufacturer that exports most of its output to the United States? What can it do to cope with these effects?
If Bobbi Kristina invests the entire $20 million in this perpetuity, illustrate what minimum growth rate will she need to break even?
the retailer is an important customer supplier allows the firm to stretch its credit terms what is retailers effective cost of trade credit
First permanent English settlement in the New World located in Virginia on the Chesapeake Bay/James River; settled by the Virginia Company of London.History:Original settlers suffered from disease (especially malaria), internal strife, & starvation.
Mandarin Partners appropriately uses the instalment-sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and 2015.
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