ACC 371 Chapter 4 Homework Handout - Fall

ACC 371 Chapter 4 Homework Handout - Fall - Chapter 4...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 4 Problem 1GP Jaguar Corporation reported the following pretax amounts for the year ending December 31, 20XX: Income from operations $588,000 Gain on sale of equipment 9,000 Interest expense 6,000 Loss from operations of a discontinued segment 157,500 Loss on sale of discontinued segment 225,000 Extraordinary gain 120,000 Adjustment for inventory overstatement in prior year 31,500 Jaguar’s income tax rate is 30%. Instructions Prepare a partial income statement for the year ending December 31, 20XX, beginning with the appropriate first line given the information you have been provided. Use the space below. 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
You must answer at least 7 of the 10 questions correctly to get credit for this assignment. Chapter 4 Problem 2GP 1. Which of the following most likely would be considered a discontinued operation ? a. Shifting production or marketing functions from one location to another. b. A sporting goods manufacturer has a bicycle division that meets FASB’s definition of a component of the entity and decides to outsource the manufacture of its bicycles. c. The unprofitable brands of a beauty products component of an entity that manufactures and sells consumer products are discontinued. d.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/09/2011 for the course ACC 371 taught by Professor Proscott during the Spring '11 term at S. Alabama.

Page1 / 4

ACC 371 Chapter 4 Homework Handout - Fall - Chapter 4...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online