Current Attempt in Progress An inexperienced accountant for Ayayai Corp. showed the following in the income statement: net income $187,500 and unrealized gain on available-for-sale securities (before taxes) $85,000. The unrealized gain on available-for-sale securities is subject to a 25% tax rate. Prepare a correct statement of comprehensive income. AYAYAI CORP. Partial Statement of Comprehensive Income Income Before Income Taxes Net Income /(Loss) eTextbook and Media Save for Later

Current Attempt in Progress An inexperienced accountant for Ayayai Corp. showed the following in the income statement: net income $187,500 and unrealized gain on available-for-sale securities (before taxes) $85,000. The unrealized gain on available-for-sale securities is subject to a 25% tax rate. Prepare a correct statement of comprehensive income. AYAYAI CORP. Partial Statement of Comprehensive Income Income Before Income Taxes Net Income /(Loss) eTextbook and Media Save for Later

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 1BCRQ

See similar textbooks

Similar questions

Albion Inc. provided the following information for its most recent year of operations. The tax rate is 40%. Required: 1. Compute the following: (a) return on sales, (b) return on assets, (c) return on stockholders equity, (d) earnings per share, (e) price-earnings ratio, (f) dividend yield, and (g) dividend payout ratio. 2. CONCEPTUAL CONNECTION If you were considering purchasing stock in Albion, which of the above ratios would be of most interest to you? Explain.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
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…
An inexperienced accountant for Bramble Corp. showed the following in the income statement: net income $217,260 and unrealized gain on available-for-sale securities (before taxes) $91,900. The unrealized gain on available-for-sale securities is subject to a 29% tax rate.Prepare a correct statement of comprehensive income. BRAMBLE CORP.Partial Statement of Comprehensive Income select a comprehensive income item enter a dollar amount select an opening section name select a comprehensive income item enter a dollar amount select an closing name for this statement $enter a total amount for this statement
Crypto Corporation recognizes net income of $150,000 along with an other comprehensive gain of $32,400 (pre-tax) for the current year ended December 31. The prior year December 31 balance in accumulated other comprehensive income is $68,400 (credit balance), and the balance in retained earnings is $48,000 (credit balance). Assume a tax rate of 25%. a. Prepare a statement of comprehensive income for the current year, and what is the AOCI account balance.
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?