Question
An inexperienced accountant for Swifty Corporation showed the following in the income statement: net income $235,170 and unrealized gain on available-for-sale securities (before taxes) $87,100.
An inexperienced accountant for Swifty Corporation showed the following in the income statement: net income $235,170 and unrealized gain on available-for-sale securities (before taxes) $87,100. The unrealized gain on available-for-sale securities subject to a 33% tax rate.
Prepare a correct statement of comprehensive income.
SWIFTY CORPORATION | ||
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select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive IncomeUnrealized Loss on Available-for-Sale Securities | $enter a dollar amount | |
select an opening section name DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive IncomeUnrealized Loss on Available-for-Sale Securities | ||
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive IncomeGain on Available-for-Sale Securities | enter a dollar amount | |
select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Holding Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive Income | $enter a total amount for this statement |
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