On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of its
Question:
On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7 million. The income from operations of the segment during 2018 was $4 million. Pretax income from continuing operations for the year totaled $12 million. The income tax rate is 40%. Prepare the lower portion of the 2018 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year En...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Question Posted:
Students also viewed these Cost Accounting questions
-
On December 31, 2011, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of...
-
Refer to the situation described inBE 4-7. Assume that the semiconductor segment was not sold during 2011 but was held for sale at year-end. The estimated fair value of the segment's assets, less...
-
On December 31, 2013, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of...
-
Q1. a)Analyse Spencers experience in terms of consumer behavior framework in your notes. What variables and processes can you identify that appear to work in this situation? Does this situation...
-
Determine the support reactions of roller A and the smooth collar B on the rod. The collar is fixed to the rod AB, but is allowed to slide along rodCD. 900 N -1 m- 2 m 45 B. 600 N- m
-
Why are investment-grade bonds given that name? Why are junk bonds also known as high-yield bonds?
-
Correlation between height and weight for players on the 2014 Brazil World Cup Team, using data from all 23 players on the roster. State whether the quantity described is a parameter or a statistic...
-
Prior to the start of fiscal 2013, managers of MultiTech hosted a web conference for its shareholders, financial analysts, and members of the financial press. During the conference, the CEO and CFO...
-
Wantaby Ltd. is extending its credit terms from 45 to 60 days. Sales are expected to increase from $471 million to $5.81 million as a result Wontaby finances short-term assets at the bank at a cost...
-
The Schutzberg Brewery has received an order for 1,500 gallons of 3-percent beer (that is, 3 percent alcoholic content). This is a custom order because Schutzberg does not produce a 3-percent...
-
The following are partial income statement account balances taken from the December 31, 2018, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000;...
-
On December 31, 2018, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of...
-
The following table gives joint probabilities relating cell phone usage to stopping properly at intersections. a. Compute the probability of failing to stop at an intersection, given the driver was...
-
Roy Rand executed and delivered the following note to Sue Sims: Chicago, Illinois, June 1, 2016; I promise to pay to Sue Sims or bearer, on or before July 1, 2016, the sum of \($7,000.\) This note is...
-
State whether the following provisions in a note impair or preclude negotiability, the instrument in each instance being otherwise in proper form. Answer each statement with either Negotiable or...
-
Adams, who reads with difficulty, arranged to borrow \($2,000\) from Bell. Bell prepared a note, which Adams read laboriously. As Adams was about to sign it, Bell diverted Adamss attention and...
-
On September 2, 2012, Levine executed a mortgage bond under which she promised to pay the Mykoffs a preexisting obligation of $54,000. On October 14, 2015, the Mykoffs transferred the mortgage to...
-
On December 2, 2016, Miles executed and delivered to Proctor a negotiable promissory note for \($1,000,\) payable to Proctor or order, due March 2, 2017, with interest at 14 percent from maturity, in...
-
On December 27, 2018, Wolcott Windows purchased a piece of equipment for $107,500. The estimated useful life of the equipment is either three years or 60,000 units, with a residual value of $10,500....
-
Hotel Majestic is interested in estimating fixed and variable costs so that the company can make more accurate projections of costs and profit. The hotel is in a resort area that is particularly busy...
-
Oaktree Company purchased a new machine and made the following expenditures: Purchase price ............ $45,000 Sales tax ................ 2,200 Freight charges for shipment of machine .... 700...
-
Semtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Semtech made the following expenditures in connection with the purchase of the land and building:...
-
Johnson Corporation purchased all of the outstanding common stock of Smith Corporation for $11,000,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $7,800,000. The...
-
"Managing Away Bad Habits Team Assignment Organizational Behavior IILeadership Assigned is ashort case from the exercise Managing Away Bad Habits. The task is to develop a turnaround strategy for...
-
"Managing Away Bad Habits Team Assignment Organizational Behavior IILeadership Assigned is ashort case from the exercise Managing Away Bad Habits. The task is to develop a turnaround strategy for...
-
11 The APRN unit director is working at an agency that has a high incidence of medication errors, specifically with heparin. One recent error had a patient receive twice the prescribed dose. Which...
Study smarter with the SolutionInn App