Problemon december 31 2013 the end of the fiscal year, Ask an Expert

Accounting

Problem:

On December 31, 2013, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $13 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $15 million. The loss from operations of the segment during 2013 was $4.1 million. Pretax income from continuing operations for the year totaled $7.3 million. The income tax rate is 30%.

Required:

Question: Prepare the lower portion of the 2013 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

Note: Show all workings.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165601

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