question - (a gain on disposal of discontinued operations(b...

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In reporting discontinued operations, the income statement should show in a special section: (a)   gains on the disposal of the discontinued  component. (b)   losses on the disposal of the discontinued  component. (c)   Neither (a) nor (b). (d)   Both (a) and (b). Answer: (d)   Both (a) and (b). Cool Stools Corporation has income before taxes of $400,000 and an extraordinary loss of $100,000.  If the income tax rate is 25% on all items, the income statement should show income before irregular  items and an extraordinary loss, respectively, of (a)   $325,000 and $100,000. (b)   $325,000 and $75,000. (c)   $300,000 and $100,000. (d)   $300,000 and $75,000. Answer: (d)  $300,000 and $75,000. Which of the following would be considered an “Other comprehensive income” item?
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Unformatted text preview: (a) gain on disposal of discontinued operations. (b) unrealized loss on available-for-sale securities. (c) extraordinary loss related to flood. (d) net income. Answer: (b) unrealized loss on available-for-sale securities. In horizontal analysis, each item is expressed as a percentage of the: (a) net income amount. (b) stockholders' equity amount. (c) total assets amount. (d) base-year amount. Answer: (d) base-year amount. Adams Corporation reported net sales of $300,000, $330,000, and $360,000 in the years 2008, 2009, and 2010, respectively. If 2008 is the base year, what percentage do 2010 sales represent of the base? (a) 77%. (b) 108%. (c) 120%. (d) 130%. Answer: (c) 120%....
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This note was uploaded on 11/08/2011 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.

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question - (a gain on disposal of discontinued operations(b...

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