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In the case of a company has decided to exclude one of its activities and the balances was as follows; company's sales $10,0/ Cost of sales $14,0/ Value of assets sale $15,0/ Cost of assets $25,0/ Accumulated depreciation $160/ The result that will be disclosed in the income statement is: - a) Gain20 $ b) Loss20 $ c) Loss40 $ d) Not any of the above
Option A :20$ gain
A. GAIN20
a) Gain20 $ - Net loss on Sales ($40) and $60 as Gain on Sales of Assets $60 ( Sales value= $150 - $90(Capitalized Cost of Asset minus Accum. Dep.)
(a) profit by20th
(A) Gain of $20. Reported as from discontinued operations.
d) Not any of the above...
