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An inexperienced accountant for Swifty Corporation showed the following in the income statement: net income $327,000 and unrealized gain on available-for-sale securities (before taxes)
An inexperienced accountant for Swifty Corporation showed the following in the income statement: net income $327,000 and unrealized gain on available-for-sale securities (before taxes) $85,500. 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 e.g. -2,945 or parentheses e.g. (2,945).) SWIFTY CORPORATION Statement of Comprehensive Income Income before income taxes Unrealized holding gain on available-for-sale securities Other comprehensive income Comprehensive income/(loss) 327000 245250 $ 302535
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