1. Silver Gym had two different kinds of business under operation. One kind of business was discontinued and sold at a gain. How should this gain be reported? A. As "extraordinary gain." B. As "gain from discontinued operation" C. Both of the above D. None of the above. 2. The Robinson suffered damage from a hurricane and had a loss of $10,000. Assuming a tax rate of 10%, what is the effect the loss net-of-tax? A. $1,000 gain B. $9,000 gain C. $11,000 gain D. $9,000 loss. 3. A company had Service Revenue of $120,000, wages expense of $40,000, interest revenue of $3,000, loss on discontinued operations of $12,000, and a tax rate of 20%. What is the amount of income from continuing operations (After tax)? A. $56,800 B. $60,000 C. $66,400 D. $83,000 E. 80,000

On february 3, smart company sold merchandise in the amount of $5,800 to truman company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. smart uses the perpetual inventory system and the gross method. truman pays the invoice on february 8, and takes the appropriate discount. the journal entry that smart makes on february 8 is:

He set of companies a product goes through on the way to the consumer is called the a. economic utility b. cottage industry c. market saturation d. distribution chain

Data pertaining to the current position of forte company are as follows: cash $437,500 marketable securities 170,000 accounts and notes receivable (net) 320,000 inventories 700,000 prepaid expenses 42,000 accounts payable 240,000 notes payable (short-term) 250,000 accrued expenses 310,000 required: 1. compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. round ratios to one decimal place. 2. compute the working capital, the current ratio, and the quick ratio after each of the following transactions, and record the results in the appropriate columns of the table provided. consider each transaction separately and assume that only that transaction affects the data given. round to one decimal place. a. sold marketable securities at no gain or loss, 75,000. b. paid accounts payable, 135,000. c. purchased goods on account, 100,000. d. paid notes payable, 105,000. e. declared a cash dividend, 125,000. f. declared a common stock dividend on common stock, 45,000. g. borrowed cash from bank on a long-term note, 205,000. h. received cash on account, 130,000. i. issued additional shares of stock for cash, 635,000. j. paid cash for prepaid expenses, 15,000.