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During December 2010, Smythe Company decides to sell Division F (a component of the company). On December 31, 2010, the company classifies Division F as held for sale. On that date, the book values of Division F's assets and liabilities are $950,000 and $600,000, respectively. Smythe expects to sell Division F in 2011 and estimates that the fair value of Division F is $250,000. During 2010, Division F earned revenues of $1,000,000 and incurred expenses of $1,300,000. Smythe Company is subject to a 30% income tax rate.Required:Prepare the results from discontinued operations section of Smythe Company's income statement for 2010. Show supporting calculations.
Determine the balance in the Retained Earnings account as of December 31, 2009 and determine the balance in the Retained Earnings account as of January 1, 2010.
Warranty4U provides extended service contracts on electronic equipment sold through major retailers. The standard contract is for 3 years. During the current year, Warranty4U provided 21,000 such warranty contracts at an average price of $81 each.
Party-Hearty Company makes a variety of holiday party packs. One party pack is for a bachelorette party. It includes a tiara, a pink feathered boa, and a t-shirt emblazoned with "I'm the Bride." Pink feathered boas are purchased from an outside suppl..
ABC Company enters into a lease on a tract of timberland. The lease is for 10 years and allows ABC to harvest timber from the tract for that period of time. A clause in the lease allows the lessor to require ABC to reforest the land prior to the end ..
What ($ in 000s) was shareholders' equity as of December 31, 2012? What ($ in 000s) was shareholders' equity as of December 31, 2012?
On the basis of this agreement, what price should the investor offer? A normal return on the fair value of net assets in this industry is 15 percent.
The total variance is $10,000. The total materials variance is $4,000. The total labor variance is twice the total overhead variance. What is the total overhead variance?
Spark was incorporated as a no profit voluntary health and welfare organization on Jan 1 2015. During the fiscal year ended December 31, 2015 the following transactions occurred: Make all necessary journal entries to record these transactions. Expens..
Compute the margin of safety and explain the meaning of the number derived and should the company go ahead with the new product?
ABC's EBIT is $12 million. The depreciation expense is $0.5 million and interest expense is $0.5 million. The corporate tax rate is 45%. The company has 12 million in operating current assets and $6 million operating current liabilities. It has $5 mi..
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained. Describe the factors that the auditor should consider in evaluating inquiry and oral evidence provided by client officers and emp..
Smith Corporation produces bucket loader assemblies for the tractor industry. The product has a long-term life expectancy. Smith has decided to implement a JIT inventory system. Smith is deciding whether to use ABC Co. or XYZ Co. as the supplier. The..
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