Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 5.00

Deer Corp.

On January 1, 2006, Deer Corp. met the criteria for discontinuance of a business component. For the period January 1 through October 15, 2006, the component had revenues of $500,000 and expenses of $800,000. The assets of the component were sold on October 15, 2006, at a loss for which no tax benefit is available. In its income statement for the year ended December 31, 2006, how should Deer report the component’s operations from January 1 to October 15, 2006?

  1. $500,000 and $800,000 should be included with revenues and expenses, respectively, as part of continuing operations.
  2. $300,000 should be reported as part of the loss on operations and disposal of a component.
  3. $300,000 should be reported as an extraordinary loss.
  4. $500,000 should be reported as revenues from operations of a discontinued component.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 11:09 PM My Price 5.00

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