On September 1, 2017, Revsine Co. approved a plan to dispose of a segment of its business. Revsine expected that the sale would occur on March 31, 2018 , at an estimated gain of $375,000. The segment had actual and estimated operating profits (losses) as follows:

Explanation:

Full question:

On September 1, 2011, Revsine Co. approved a plan to dispose of a segment of its business. Revsine expected that the sale would occur on March 31, 2012, at an estimated gain of $375,000. The segment had actual and estimated operating profits (losses) as follows:

Realized loss from 1/1/11 to 8/31/11 $(300,000)

Realized loss from 9/1/11 to 12/31/11 (200,000)

Expected profit from 1/1/12 to 3/30/12 400,000

Assume that the marginal tax rate is 30%

In its 2011 income statement, what should Revsine report as profit or loss from discontinued operations (net of tax effects)?

Answers:

Under, results of operations on an operating segment or component of an entity classified as held for sale are to be reported in discontinued operations in the periods in which they occur (net of tax effects). For Revsine, the loss from operations for the discontinued segment would be $375,000 determined as follows:

Loss from 1/1/11 to 8/31/11 ($300,000)

Loss from 9/1/11 to 12/31/11 ($200,000)

Total pre-tax loss ($500,000)

Tax benefit at 30% 150,000

Operating loss, net of tax effects ($375,000)

None of the expected profit from operating the segment or component for Revsine in 2012 or the estimated gain on sale is recognized in 2011. These amounts will be recognized in 2012 as they occur.

answer; ///i believe that the correct answer is (a) it is the means by which a person earns money;

the correct answer is - no.

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