Lab Quiz #3 Solution

Lab Quiz #3 Solution - 401 Lab Quiz #3 Name_ Section : 8:00...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
401 Lab Quiz #3 Name___________________________ Section : 8:00 – 9:15am 9:30 – 10:45am 1. For Mortenson Company, the following information is available: Cost of goods sold $120,000 Dividend revenue 5,000 Income tax expense 12,000 Operating expenses 46,000 Sales revenue 200,000 In Mortenson’s multiple-step income statement, gross profit a. should not be reported b. should be reported at $27,000. c. should be reported at $80,000. d. should be reported at $85,000. 2. Manning Company has the following items: write-down of inventories, $360,000; loss on disposal of Sports Division, $555,000; and loss due to strike, $339,000. Ignoring income taxes, what total amount should Manning Company report as extraordinary losses? a. $ -0-. b. $555,000. c. $699,000. d. $894,000. 3. During 2012, Lopez Corporation disposed of Pine Division, a major component of its business. Lopez realized a gain of $1,800,000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $2,100,000 in 2012.
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/20/2012 for the course ACCT 401 taught by Professor Winchel during the Spring '10 term at South Carolina.

Page1 / 2

Lab Quiz #3 Solution - 401 Lab Quiz #3 Name_ Section : 8:00...

This preview shows document pages 1 - 2. Sign up to view the full document.

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