Question

how do you calculate loss on discontined operations net of tax

how do you calculate loss on discontined operations net of tax

Homework Answers

Answer #1

Format for calculation of loss on discontinued operations net of tax :-

Income from Continued operations (Before Tax) XXXX

Income Tax     (XXXX)

Income from Continued operations (After Tax) (A)    XXXX

Discontinued Operations

Loss from operations of product line that has been discontinued (XXXX)

Royal Benefits (if any) XXXX

Income Tax Benefits (Tax saving on loss) XXXX

Loss on Discontinued Operations (B)    (XXXX)

NET INCOME (A-B) XXXX

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
How do you calculate sales tax? How do you calculate a discount? Explain and give examples
How do you calculate sales tax? How do you calculate a discount? Explain and give examples
How is an alternative tax net operation loss deduction (Arnold) determined
How is an alternative tax net operation loss deduction (Arnold) determined
During 2018, its first year of operations, Baginski Steel Corporation reported a net operating loss of...
During 2018, its first year of operations, Baginski Steel Corporation reported a net operating loss of $405,000 for financial reporting and tax purposes. The enacted tax rate is 40%. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward. 2. Show the lower portion of the 2018 income statement that...
During its first year of operations, Alcoa Corporation reported a net operating loss of $800,000 for...
During its first year of operations, Alcoa Corporation reported a net operating loss of $800,000 for financial reporting and tax purposes. The enacted tax rate is 25%. Which of the following is true? a. Deferred tax assets are increased by $800,000 b. Deferred tax liabilities are increased by $800,000 c. Net income is -$600,000 d. Income tax expense is debited by $200,000 e. Net income is -$800,000
How do you calculate a sole proprietorship, self employment income tax. In addition the same tax...
How do you calculate a sole proprietorship, self employment income tax. In addition the same tax payer has wages as an employee from a school? Thank you.
How do the elasticities of supply and demand affect the deadweight loss of a tax? Why...
How do the elasticities of supply and demand affect the deadweight loss of a tax? Why do they have this effect?
How do you determine how to allocate constrained resources to maximize income? How do you calculate...
How do you determine how to allocate constrained resources to maximize income? How do you calculate the effects on operating income of keeping or eliminating operations?
The 2020 income statement of Crane Corporation showed net income of $1,291,050, which included a loss...
The 2020 income statement of Crane Corporation showed net income of $1,291,050, which included a loss from discontinued operations of $111,150. Crane had 57,000 common shares outstanding all year. (a) QUESTION: Calculate earnings per share (EPS) for 2020 as it should be reported to shareholders. Earnings per share Income from continuing operations $ Loss from discontinued operations, net of tax $ Net income $
How do you set this up in Excel? Gallant Company reported net income of $2,500,000. The...
How do you set this up in Excel? Gallant Company reported net income of $2,500,000. The income statement included a $500,000 gain from condemnation of land and a $200,000 loss on discontinued operations, both after applicable income tax. There were 100,000 shares of $10 par common stock and 40,000 shares of 4% preferred stock of $100 par outstanding throughout the current year. Prepare the earnings per share section of Gallant Company’s income statement.
Exercise 16-23 (Algo) Net operating loss carryforward [LO16-7] During 2021, its first year of operations, Baginski...
Exercise 16-23 (Algo) Net operating loss carryforward [LO16-7] During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $424,000 for financial reporting and tax purposes. The enacted tax rate is 25%. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating loss...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT