Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all parts On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $13.0

please answer all partsimage text in transcribed

On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $13.0 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $9.0 million. The income from operations of the segment during 2018 was $6.0 million. Pretax income from continuing operations for the year totaled $14.0 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. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.) REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2018 ncome from continuing operations before income taxes ncome tax expense $14,000,000 5,600,000 $ 8,400,000 Discontinued operations: Income from operations of discontinued component 3,600,000 3,600,000 Net income

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

Audit Committee And Audit Quality

Authors: AMINU ALKASIM FAGO, ENIOLA SAMUEL AGBI, MOHAMMED NMA AHMED

1st Edition

6204209868, 978-6204209869

More Books

Students also viewed these Accounting questions

Question

Describe the nature of negative messages.

Answered: 1 week ago