Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.4 million. The robotics business

On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.4 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.7 million. The income from operations of the segment during 2021 was $4.7 million. Pretax income from continuing operations for the year totaled $12.7 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.)

image text in transcribed

On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.4 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.7 million. The income from operations of the segment during 2021 was $4.7 million. Pretax income from continuing operations for the year totaled $12.7 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.) REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations before income taxes Income from continuing operations Discontinued operations: Income (loss) on discontinued operations Net income (loss)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Paul Fischer, William Taylor

6th Edition

0538841265, 978-0538841269

More Books

Students also viewed these Accounting questions

Question

What is your current position?

Answered: 1 week ago