An inexperienced accountant for Lily Corporation showed the following in the income statement: net income $247,500 and unrealized gain on available-for-sale securities (before taxes) $93,000. The unrealized gain on available-for-sale securities is subject to a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number eg. -2,945 or parentheses eg. (2,945).) LILY CORPORATION Statement of Comprehensive Income Income before income taxes

An inexperienced accountant for Lily Corporation showed the following in the income statement: net income $247,500 and unrealized gain on available-for-sale securities (before taxes) $93,000. The unrealized gain on available-for-sale securities is subject to a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number eg. -2,945 or parentheses eg. (2,945).) LILY CORPORATION Statement of Comprehensive Income Income before income taxes

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 1BCRQ

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An inexperienced accountant for Culver Corporation showed the following in the income statement: income before income taxes $395,000 and unrealized gain on available-for-sale securities (before taxes) $92,100. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 25% tax rate.Prepare a correct statement of comprehensive income. CULVER CORPORATIONPartial Statement of Comprehensive Income Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Holding Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive Income $Enter a dollar amount Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome…
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Lala Company reported the following information in 2021:·       Sales revenue- P500,000·       Cost of Goods Sold- P350,000·       Operating Expenses- P55,000·       Unrealized translation gain- P20,000·       Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of?
The accountant of Crane Shoe has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2022. Rent revenue £ 23,200 Interest expense 14,400 Unrealized gain on equity securities designated at fair       value through other comprehensive income, net of tax 24,800 Selling expenses 112,000 Income tax 24,480 Administrative expenses 144,800 Cost of goods sold 412,800 Net sales 784,000 Cash dividends declared 12,800 Loss on sale of plant assets 12,000 There were  20,000 ordinary shares outstanding during the year. (a) Prepare a comprehensive income statement using the combined statement approach. (Round earnings per share to 2 decimal places, e.g. 1.48.) CRANE SHOEStatement of Comprehensive Incomechoose the accounting period   enter an income statement item £ enter a pound amount enter an income statement item enter a pound…
The accountant of Crane Shoe has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2022. Rent revenue £ 23,200 Interest expense 14,400 Unrealized gain on equity securities designated at fair       value through other comprehensive income, net of tax 24,800 Selling expenses 112,000 Income tax 24,480 Administrative expenses 144,800 Cost of goods sold 412,800 Net sales 784,000 Cash dividends declared 12,800 Loss on sale of plant assets 12,000 There were  20,000 ordinary shares outstanding during the year. (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Prepare a comprehensive income statement using the combined statement approach. (Round earnings per share to 2 decimal places, e.g. 1.48.) CRANE SHOEStatement of Comprehensive Incomechoose the accounting…