LTB Enterprises consists of four separate divisions: building products, chemicals, mining, and plastics. On march 15, 2012,
Question:
LTB Enterprises consists of four separate divisions: building products, chemicals, mining, and plastics. On march 15, 2012, LTB sold the chemical division for $ 625,000 cash. Financial information related to the chemical division follows:
(a) Provide the journal entry (or entries) to record the sale of the chemical division. Assume an income tax rate of 35 percent.(b) Prepare the section of LTB's 2012 income statement that relates to the disposal of the business segment.
Transcribed Image Text:
(1/1-3/15/12) (3/15/12) Assets Sales S175,000 S1.850,000 1.400,000 Operating expenses Net operating income (loss) 160,000 Liabilities S 15,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (10 reviews)
a Cash A 625000 Liabilities L 1400000 Assets A 1850000 Gain on Disposal of B...View the full answer
Answered By
Ankit Kumar
By professional i am an Engineer pursuing B.tech in Electronics and communication stream in 8th semester From N.g.f college of engineering and Technology Palwal . Actually I have the passion for teaching the students and sharing the knowledge which I have. I have been teaching Since 2015. I have taught specially Mathematics and Science for class up to 10th standard and mathematics for classes 11th and 12th. I love to done counselling of those students who are finding difficulties in their Education life and upcoming career. basically i prefer to done counselling of parents then their respective belongings because I believe when Root of tree is strong so their branches and fruits will also be strong .
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Financial information related to Joshua Tree Interiors for August and September 2010 is as follows: a. Prepare balance sheets for Joshua Tree Interiors as of August 31 and as of September 30, 2010.b....
-
Financial information related to Pickerel Company, a proprietorship, for the month ended June 30, 2008, is as follows: Net income for June ............. $196,350 Lynn Jepsens withdrawals during June...
-
The federal corporate income tax rate is 35 percent and firms may carry back losses for two years and carry forward losses for 20 years. The carry-back must occur before carry-forward. A corporation...
-
International Markets Project You have been hired as a globalization specialist by Kwik-E-Mart. Kwik-E-Mart is a large retailer that has outgrown its domestic market and seeks to expand its...
-
Jamel Blanton was a male employee at a Pizza Hut restaurant operated by Newton Associates, Inc., in San Antonio, Texas. Blanton was subjected to sexual and racial harassment by the general manager,...
-
Software Haven sells a software package that is available in three editions. The application should display the price of the edition a customer wants to purchase. The retail prices for the Ultimate,...
-
The in-plane shear modulus, \(G_{12}\), of a carbon/epoxy lamina is to be measured by using the rail shear test shown in Figure 10.36. The test is conducted on a 10 in. \(\times 10 \mathrm{in} ....
-
Dustin Clemens is the accounting and finance manager for a manufacturer. At year-end, he must determine how to account for the companys contingencies. His manager, Madeline Pretti, objects to...
-
The Denver Corporation has forecast the following sales for the first seven months of the year: January February $ 20,000 22,000 March 24,000 April 30,000 May 20,000 June July 26,000 28,000 Monthly...
-
A newly married couple plan to have 5 children. An Astrologist tells them that based on astrological reading, they have an 80% chance of having a baby boy at any particular birth. The couple would...
-
In a three-year period AT&T. the telecommunications provider, reported net income of $1.9 billion (Year Three), a net loss of $13 billion (Year Two), and net income of $7.7 billion (Year One)....
-
It is December 2012, and Sharon Sowers, the CEO of Mallory Services, has decided to sell the clerical division. She has received an offer for $ 105,000 but is undecided about whether she wishes to...
-
True or False: You can use the = operator to assign a string to a StringBuilder object.
-
For our discussion forum we are going to comment on a short video found in the website entitled "The truth about algorithms" by Cathy O'Neil https://www.youtube.com/watch?v=heQzqX35c9A 1. What is the...
-
Sam turned 18 on April 18, 2020 and opened up his TFSA. $12,000 were contributed ($6,000 for 2021 plus $6,000 for 2022 - the maximum TFSA dollar limits for those years). By the end of 2022, the value...
-
11-73. The mast on the boat is held in place by the rigging, which consists of rope having a diameter of 20 mm and a total length of 50 m. Assuming the rope to be cylindrical, determine the drag it...
-
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: a. Assuming a perpetual inventory system and using the weighted average method,...
-
This discussion will help you construct your exam preparation roadmap and study for your PMP exam. Reflect on your experience with taking the quizzes in this course, and taking tests or exams in...
-
You are a network administrator, and as part of your job, you monitor employee e-mails. You discover that your boss is cutting corners on a system that your company is developing in order to finish...
-
For the following exercises, find the area of the triangle. Round to the nearest hundredth. 22 50 36
-
Nitric acid consists of NO 3 and a proton, H + . (a) Draw a Lewis dot diagram for the nitrate ion. (b) Draw a Lewis dot diagram for nitric acid. (c) Which species, nitrate ion or nitric acid, is...
-
The following information was taken from the 2019 annual report and statement of cash flows of Eli Lilly, a major pharmaceutical (dollars in millions): INSTRUCTIONS: a. Discuss the cash management...
-
Starbucks is a relatively young, fast-growing company that is a pioneer and leader in its industry. Excerpts from its 2019 statement of cash flows are as follows (dollars in millions): INSTRUCTIONS:...
-
Airbus, a global French aircraft manufacturer, prepares its financial statements in accordance with IFRS. On its 2019 income statement, it reported a net loss of approximately 1.3 billlion euros,...
-
discuss the evolutionary adaptations of the respiratory system across taxa, highlighting the diversification of respiratory structures and mechanisms in response to ecological niches and selective...
-
1. A Pringles chip can be thought of mathematically in two ways: a. You can consider it as a thin elliptic slice of potato dough that is afterwards molded and fried. If the slice can be represented...
-
How does the study of epigenetics contribute to our understanding of how environmental factors influence gene expression and phenotypic variation within populations over evolutionary time scales ?
Study smarter with the SolutionInn App