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On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $12 million. The loss from operations of the segment during 2016 was $4.5 million. Pretax income from continuing operations for the year totaled $6.6 million. The income tax rate is 40%. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.)
How should profit or loss on early extinguishment of debt be evaluated? Does the early extinguishment of the 7 percent bonds result in a gain or loss? Describe.
What is the total cost of the patent and the amount of amortization expense for the year ending 2010 - At December 31 of 2012 what would be the total amount of amortization expense recorded for the year?
Calculate total goodwill and its allocation to the controlling and non controlling interests.
Apr. 18 Purchased merchandise from FAU Corp. under the following terms: $8,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. Apr. 21 After negotiations, received from FAU a $1,100 allowance on the April 18 purcha..
A road needs to be resurfaced now at a cost of $1,400,000 and it will need to be resurfaced again every seven years forever at a cost of $1,800,000. Determine its perpetual equivalent annual worth (in years 1 through infinity) at an interest rate of ..
On February 15, Jewel Company buys 6,500 shares of Marcelo Corp. common at $28.68 per share plus a brokerage fee of $470. The stock is classified as available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.20 per share paya..
Assume that Nortel manufactures specialty electronic circuitry through a unique photoelectronic process. One of the primary products, Model ZX40, has a standard labor time of 0.5 hour and a standard labor rate of $12.50 per hour. Determine the labor ..
Wissota Co. applies overhead based on direct labor hours. The variable overhead standard is 4 hours at $6 per hour. During February, Wissota Co. spent $56,700 for variable overhead. 9,150 labor hours were used to produce 2,400 units. What is the over..
Determine the marginal tax rate for a corporation whose federal tax rate is 34% and whose state tax rate is 11%. Explain the rationale for having a separate cost code for site concrete-labor and site concrete-concrete as is the case in Figure 2-6 fro..
List, in order, the creditors. Create a column in which you explain why that creditor is in that place in the chain of priority.
computation of predetermined overheads using job order costing.mason co. uses a job order cost accounting system. at
For 2011, show how the details related to this construction contract would be disclosed on the balance sheet and on the income statement.
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