28.

Sandstrom Corporation has a loss from discontinued operation of $200,000, an unusual gain of $140,000, and a tax rate of 40%. At what amount should Sandstrom report each item? Discontinued operation Unusual gain

$(200,000) $140,000

(200,000) 84,000

(120,000) 140,000

(120,000) 84,000

29.

Which table would you use to determine how much you would need to have deposited three years ago at 10% compounded annually in order to have $1,000 today?

Future value of 1 or present value of 1

Future value of an annuity due of 1

Future value of an ordinary annuity of 1

Present value of an ordinary annuity of 1

30.

Inventories are valued based on their ________.

fair value

estimated amount collectible

lower-of-cost-or-market value

historical cost

31.

Korte Company reported the following information for 2014: Sales revenue $1,500,000 Cost of goods sold 1,050,000 Operating expenses 165,000 Cash dividends received on the securities 6,000 For 2014, Korte would report gross profit of

$291,000.

$285,000.

$241,000.

$450,000.

32.

Current assets are presented in the balance sheet in

		ascending order of their balances.
		descending order of their balances.
		order of their liquidity.
		reverse order of their liquidity.