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On December 31, 2013, the end of the fiscal year, California Microtech Corporati

ID: 2659284 • Letter: O

Question

On December 31, 2013, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $11 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $9 million. The loss from operations of the segment during 2013 was $3.7 million. Pretax income from continuing operations for the year totaled $6.4 million. The income tax rate is 30%.

  

Prepare the lower portion of the 2013 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.)

On December 31, 2013, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $11 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $9 million. The loss from operations of the segment during 2013 was $3.7 million. Pretax income from continuing operations for the year totaled $6.4 million. The income tax rate is 30%.

Explanation / Answer

On December 31, 2011, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The operating loss of the segment during 2011 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 30%. Prepare the lower portion of the 2011 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

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