QUESTION 11 Il Company sold its licorice division resulting in a loss of $80,000. Assuming a tax rate of 259, the loss on this disposal will be reported on the income statement at what amount? $100,000 $20,000 $80,000 $60,000 QUESTION 12 LLL, Inc. decided on January 1 to discontinue its spaceship manufacturing division. On July 1, the division's assets with a book value of $1,260.000 are sold for $900,000. Operating income from January 1 to June 30 for the division amounted to $195,000. Ignoring income taxes, what total amount should be reported on LLL, Inc. s income statement for the current year under the caption, Discontinued Operations? $195,000 $165,000 loss $360,000 loss $555,000 QUESTION 13 Using the "Jack's Out Back" partial balance sheet (provided in the Instructions): What effect will the accumulated other comprehensive income have on comprehensive income? No effect on comprehensive income. Increase of $800,000 in comprehensive income. Increase of $8,800.000 in comprehensive income. Decrease of $800,000 in comprehensive income. QUESTION 14 MMM Corporation reported net sales of $650,000. 5720.000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base? 1089 120% 83% 20% QUESTION 15 Using the "Salamander, Inc." Income Statement in millions) (provided in the Instructions): Using vertical analysis with Net Sales as the base, what percentage is assigned to gross profit? 37.5% 100% 60% 62.596