Question
Use the following information: Gross profit 7,800,000 Loss on sale of investments 20,000 Interest expense 15,000 Gain on sale of discontinued operations 60,000 Income tax
Use the following information: Gross profit 7,800,000 Loss on sale of investments 20,000 Interest expense 15,000 Gain on sale of discontinued operations 60,000 Income tax rate 20%
Compute the amount of discontinued operations to be combined with income from continuing operations on the income statement.
a.60,000 b.48,000 c.12,000 d.None of the above.
Use the following information: Gross profit 7,800,000 Loss on sale of investments 20,000 Interest expense 15,000 Gain on sale of discontinued operations 60,000 Income tax rate 20%
Compute the amount of discontinued operations to be combined with income from continuing operations on the income statement.
a.60,000 b.48,000 c.12,000 d.None of the above.
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Financial accounting
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
8th Edition
9780135114933, 136108865, 978-0136108863
