Longwell Corp. announced that its profit for the current fiscal year increased by $15 million, or 20%,
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Longwell Corp. announced that its profit for the current fiscal year increased by $15 million, or 20%, compared with the previous year. Further inspection of its income statement revealed that the company reported a $20-million gain as "Other Revenues and Gains" from the sale of one of its factories. Discuss the implications of Longwell's announcement in terms of its predictive value.
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In its announcement Longwell emphasizes its increase in profits The company is not re...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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