Lucia Ltd reported net income of $135,900 for the year ended December 31, 2021. January...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Lucia Ltd reported net income of $135,900 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $29.000 and $27,200, respectively Year-end balances in these accounts were $31,400 and $22,400, respectively. Assuming that all relevant information has been presented, Lucia's cash flows from operating activities would be Multiple Choice $128.700 $143100 $138.300 575,500 On August , 2021 Rocket Retailers adopted a plan to continue the catalog sales division, which qualifies as a separate component of the business according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by June 30, 2022. On January 31, 2022, Rockets focal year-end, the following information relative to the discontinued on wit accumulated operating loss Feb 1, 2021-Jan. 11, 2022 Estimated operating losses, Feb. 1-June 10, 2022 Impairment of division assets at Jan. 11, 2022 $115,000 72,000 26,000 In its income statement for the year ended January 31, 2022 Rocket would report a before tax loss on discontinue operations of M Cherce $460001 1000 55.000 5/1000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
