Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. metlock, inc. disposes of an unprofitable segment

Metlock, Inc. disposes of an unprofitable segment of its business. The operation of the segment...

80.2K

Verified Solution

Question

Accounting

Metlock, Inc. disposes of an unprofitable segment of its business. The operation of the segment suffered a $215000 loss in the year of disposal. The loss on disposal of the segment was $115000. If the tax rate is 31%, and income before income taxes was $1615000,

a. the income tax expense on the income before discontinued operations is $432300.

b. the income from continuing operations is $1114350.

c. the losses from discontinued operations are reported net of income taxes at $330000.

d. net income is $1285000.

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Discuss ( decentralized natural water treatment plant in an urban setting in Oman).

Civil Engineering
Q

When studies have interaction effects, what do these effects tell us? What are the advantages of...

Psychology
Q

Please describe in full detail, how does culture influence human behavior?

Psychology
Q

Homework Answered Four resistors are arranged as shown Calculate the electric potential difference through R...

Physics
Q

Use the graph of the function to estimate the intervals on which the function is...

Geometry
Q

Differentiate the function G y G y In 4y 1 y 1

Calculus
Q

please help asap [The following information applies to the questions...

Accounting
Q

Schmid Corporation issues $550,000, 11%, 5year bonds on January 1, 2023 for $509,000. Interest is...

Accounting
Q

Martha, an accrual-method taxpayer, has an accounting practice. In 2012, she performs tax analyses for...

Accounting
Q

1. land he inherited from his deceased aunt and 2. a personal vacation taken last...

Accounting
Q

Question 41 (1 point) Saved ...

Accounting
Q

Which of the flowing statements aboru the original us comstitution, the bill of rights, and...

Finance