On December 31, 20X0, Greer Co. entered into an agreement to sell its Hart segment's assets. On that date, Greer estimated the gain from the disposition of the assets in 20X1 would be $700,000 and Hart's 20X1 operating losses would be $200,000. Hart's actual operating losses were $300,000 in both 20X0 and 20X1, and the actual gain on disposition of Hart's assets in 20X1 was $650,000. Disregarding income taxes, what net gain (loss) should be reported for discontinued operations in Greer's comparative 20X1 and 20X0 income statements?
a. 20X1: $350,000; 20X0: $ (300,000)
b. 20X1: $ (150,000); 20X0: $200,000
c. 20X1: $50,000; 20X0: $ (300,000)
d. 20X1: $0; 20X0: $50,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On December 31, 20X0, Greer Co. entered into an agreement to sell its Hart segment's assets. On that date, Greer estimated the gain from ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
As an employee of new hampshire industries, kathleen has an opportunity to invest pre-tax income in an employer-sponsored retirement plan. her employer will contribute 50 cents for every dollar that kathleen contributes to this fund.
Answers (1)
The following information relates to the Magna Company for the upcoming year, based on 402,000 units. Amount Per Unit Sales $ 10,452,000 $ 26.00 Cost of goods sold 6,432,000 16.00 Gross margin 4,020,000 10.00 Operating expenses 462,300 1.
Answers (1)
Equipment with a cost of $150,000 has an accumulated depreciation of $100,000. What is the historical cost of the equipment?
Answers (1)
The assets section of a classified balance sheet usually includes the subgroups: Multiple Choice Current assets, liabilities, plant assets, and intangible assets. Current assets, long-term investments, plant assets, and equity.
Answers (1)
The purpose of a floating-rate is to: Save interest expense for corporate issuers. Avoid making interest payments until maturity. Shift the yield curve. Offer rates that adjust to current market conditions.
Answers (1)
New Questions in Business
If you were using a simple exponential smoothing forecast model (alpha value equal to 0.30) that generated a forecast of 25.
Answers (1)
McMurphy Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the production of 12,000 units of this part are as follows: 36) Direct materials Direct labor Variable factory overhead Fixed
Answers (1)
The basic financial statements include all of the following except: Select one: a. Management's Discussion & Analysis b. Fund-basis financial statements c. Notes to the financial statements d. Government-wide statements e.
Answers (1)
The whole idea behind mass production was to: a. produce goods of the highest possible quality. b. give producers the maximum flexibility to respond to customer preferences. c. make large quantities of a limited variety of products at very low cost.
Answers (1)
Provenzano Corporation manufactures two products: Product B56Z and Product D32N. The company is considering implementing an activity-based costing (ABC) system that allocates its manufacturing overhead to four cost pools.
Answers (1)