An inexperienced accountant for Crane Corporation showed the following in the income statement: net income $187,500 and unrealized gain on available-for-sale securitles (before taxes) $85,000. The unrealized gain on available-for-sale securities is subject te a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using elther a negative sign preceding the number eg-2,945 or parentheses eg. (2,945) CRANE CORPORATION Statement of Comprehensive Income Income before income taxes Income ta eDense Net incomedoss Unrealied holdine aln on available-for sale ecuritles

An inexperienced accountant for Crane Corporation showed the following in the income statement: net income $187,500 and unrealized gain on available-for-sale securitles (before taxes) $85,000. The unrealized gain on available-for-sale securities is subject te a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using elther a negative sign preceding the number eg-2,945 or parentheses eg. (2,945) CRANE CORPORATION Statement of Comprehensive Income Income before income taxes Income ta eDense Net incomedoss Unrealied holdine aln on available-for sale ecuritles

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 48P

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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…
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
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The following information relates to Hardin Limited’s year-ended 31 December 2020:  The statement of comprehensive income shows profit for the year of R154 000.  The calculation of this profit included the following income and expenses: Impairment of building: R64 000 (before tax: R74 000)  Profit on sale of plant: R23 200 (before tax: R32 000)  Inventory write-down: R10 000 (before tax: R15 000)  The statement of changes in equity reflected preference dividends of R3 450.  12 000 shares in issue throughout the year. Required: Calculate the basic earnings and the headline earnings and disclose the headline earnings per share for the year-ended 31 December 2020
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^-- The following information was taken from the records of Novak Inc. for the year 2020: Income tax applicable to income from continuing operations $239,360; income tax applicable to loss on discontinued operations $32,640, and unrealized holding gain on available-for-sale securities (net of tax) $19,200. Gain on sale of equipment $121,600 Cash dividends declared $192,000 Loss on discontinued operations 96,000 Retained earnings January 1, 2020 3,360,000 Administrative expenses 307,200 Cost of goods sold 1,088,000 Rent revenue 51,200 Selling expenses 384,000 Loss on write-down of inventory 76,800 Sales Revenue 2,432,000 Shares outstanding during 2020 were 100,000. Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.)…
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