AICPA Exam CPA-Financial Topic 2 Question 70 Discussion

Actual exam question for AICPA's CPA Financial Accounting and Reporting exam

Question #: 70
Topic #: 2

[All CPA Financial Accounting and Reporting Questions]

On June 30, 1991, Mill Corp. incurred a $100,000 net loss from disposal of a component of a business. Also, on June 30, 1991, Mill paid $40,000 for property taxes assessed for the calendar year 1991. What amount of the foregoing items should be included in the determination of Mill's net income or loss for the six-month interim period ended June 30, 1991?

A$140,000

B$120,000

C$90,000

D$70,000

Show Suggested Answer

Suggested Answer: B

Choice 'b' is correct. $120,000 expense included in the determination of net income or loss for the sixmonth interim period ended June 30, 1991.

by Bobbye at May 30, 2023, 07:09 PM

Limited Time Offer

25%

Off

Get Premium CPA-Financial Questions as Interactive Web-Based Practice Test or PDF

Comments

Submit Cancel

Currently there are no comments in this discussion, be the first to comment!