Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 12.00

Comet Cares, Inc.

Q). During 2011, Comet Cares, Inc. decided to sell an unprofitable segment of its business. The sale of this segment qualifies as a discontinued operation for financial reporting purposes. However, at the end of 2011, Comet had yet to sell the segment. On December 31, 2011 the segment assets had a fair value minus anticipated costs to sell of $3,500,000 and a book value of $3,700,000. For the year, the segment reported an operating loss of $500,000. In January of 2012, Comet Cares sold the segment for $3,600,000. Operating losses in the first month of 2012 amounted to $45,000. Assume a 40% tax rate in both 2011 and 2012.

 

a) What is the after-tax dollar value impact of the discontinued operation on 2011 Net Income (use ( ) for a decrease)?

$_________________________________

b) What is the after-tax dollar value impact of the discontinued operation on 2012 Net Income (use ( ) for a decrease)?

$__________________________________

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 AM My Price 12.00

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