Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2. which of the following is an ingredient of fait

2. Which of the following is an ingredient of faithful representation? Predictive value B) Materiality...

50.1K

Verified Solution

Question

Accounting

image
2. Which of the following is an ingredient of faithful representation? Predictive value B) Materiality ) Neutrality D) Confirmatory value 3. During 2017, Lopez Corporation disposed of Pine Division, a major component of its business. Lopez realized a gain of $3,000,000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $3,500,000 in 2017. How should these facts be reported in Lopez's income statement for 2017? Total Amount to be Included in Income from Results of Continuing Operations A) B) C) D)500,000 loss Discontinued Operations 3,500,000 loss $3,000,000 gain 500,000 loss 3,000,000 gain $3,500,000 loss 4. The current assets section of the balance sheet should include A) inventory ) patents C) machinery D) goodwill

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!
Become a Member

Other questions asked by students