Brief Exercise 13-02

An inexperienced accountant for Sheffield Corp. showed the following in the income statement: income before income taxes $417,000 and unrealized gain on available-for-sale securities (before taxes) $95,000. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 27% tax rate. Prepare a correct statement of comprehensive income.

SHEFFIELD CORP. Partial 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 Tax ExpenseOther Comprehensive IncomeUnrealized Holding Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive Income		Enter a dollar amount
Select a summarizing line for the first part 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 of the two previous amounts
Select an opening section name DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Holding Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive Income
Select a comprehensive income item Dividends Expenses Net Income / (Loss) Retained Earnings Revenue Total Expenses Total Revenues Income Tax Expense Other Comprehensive Income Unrealized Holding Gain on Available-for-Sale Securities Income Before Income Taxes Comprehensive Income		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