ABC, Inc. reported the following amounts in 10K 2020:

Sales revenue

$ 800

Selling and administrative expenses

380

Restructuring charges

twenty

Loss on discontinued operations

(55)

The company's tax rate is 25%.

Determine ABC's income from continuing operations for 2020.

$ 380

$ 315

$ 300

$ 510

Question 6

Which of the following is a feature of a contract for revenue recognition purposes?

It has a commercial substance.

It has a reasonable gross profit.

It is notarized by an attorney.

It is a written contract.

Question 7

The difference between single-step and multi-step income statement is primarily a matter of

Consistency

Presentation

Measurement

Evaluation

Question 8

The "Reporting Comprehensive Income" theme code in FASB coding is

505

220

225

260

Question 9

On 1/1/20, ABC, Inc. is analyzing the possible purchase of machinery that costs $ 50,000. ABC wants to know the amount it must pay at the beginning of each month if the provider finances the transaction for 3 years at 15%. Payments would start on the 1st of the following month of purchase. To determine the monthly payments for this transaction, a table of

Present Value of an annuity due of $ 1 to 1.25%.

Future Value of an ordinary annuity of $ 1 at 1.25%.

Present Value of an ordinary annuity of $ 1 to 1.25%.

Present Value of a $ 1 to 15% ordinary annuity.

Question 10

An annuity is a series of equal payments that are always made at the end or the beginning of each year.

True

False