Question
Cheyenne Corp. has income from continuing operations of $403,000 for the year ended December 31, 2022. It also has the following items (before considering income
Cheyenne Corp. has income from continuing operations of $403,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes).
1. | An unrealized loss of $83,000 on available-for-sale securities. | |
2. | A gain of $31,800 on the discontinuance of a division (comprised of a $8,800 loss from operations and a $40,600 gain on disposal). |
Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.
CHEYENNE CORP. Partial Income Statement choose the accounting period For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022 | ||||
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select a comprehensive income item Total ExpensesOther Comprehensive IncomeGain from DisposalUnrealized Holding Loss of Available-for-Sale SecuritiesTotal RevenuesDividendsIncome Tax ExpenseDiscontinued OperationsExpensesComprehensive IncomeIncome from Continuing OperationsLoss from OperationsNet Income / (Loss)RevenueRetained EarningsIncome Before Income Taxes | $enter a dollar amount | |||
select an opening name for section one ExpensesOther Comprehensive IncomeNet Income / (Loss)Total RevenuesRevenueDiscontinued OperationsIncome from Continuing OperationsComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesTotal ExpensesRetained EarningsDividendsLoss from OperationsGain from DisposalIncome Before Income TaxesIncome Tax Expense | ||||
select a comprehensive income item Other Comprehensive IncomeNet Income / (Loss)Retained EarningsLoss from OperationsIncome from Continuing OperationsTotal ExpensesTotal RevenuesDividendsIncome Before Income TaxesRevenueGain from DisposalUnrealized Holding Loss of Available-for-Sale SecuritiesDiscontinued OperationsComprehensive IncomeExpensesIncome Tax Expense | $enter a dollar amount | |||
select a comprehensive income item Gain from DisposalLoss from OperationsIncome from Continuing OperationsRetained EarningsExpensesUnrealized Holding Loss of Available-for-Sale SecuritiesIncome Before Income TaxesDiscontinued OperationsNet Income / (Loss)RevenueIncome Tax ExpenseTotal RevenuesOther Comprehensive IncomeDividendsTotal ExpensesComprehensive Income | enter a dollar amount | |||
enter a subtotal of the two previous amounts | ||||
select a summarizing line for the first part Loss from OperationsOther Comprehensive IncomeGain from DisposalIncome Tax ExpenseExpensesRetained EarningsIncome from Continuing OperationsTotal ExpensesUnrealized Holding Loss of Available-for-Sale SecuritiesIncome Before Income TaxesDiscontinued OperationsComprehensive IncomeRevenueTotal RevenuesNet Income / (Loss)Dividends | enter a total amount for the first part |
CHEYENNE CORP. Statement of Comprehensive Income choose the accounting period For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022 | ||||
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select a summarizing line for the first part Discontinued OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeExpensesNet Income / (Loss)DividendsIncome Tax ExpenseIncome Before Income TaxesIncome from Continuing OperationsUnrealized Holding Loss of Available-for-Sale SecuritiesRevenueTotal RevenuesRetained EarningsLoss from OperationsTotal Expenses | enter a dollar amount | |||
select an opening name for section two Income Before Income TaxesExpensesRevenueLoss from OperationsUnrealized Holding Loss of Available-for-Sale SecuritiesDividendsRetained EarningsOther Comprehensive IncomeGain from DisposalComprehensive IncomeTotal ExpensesIncome Tax ExpenseTotal RevenuesNet Income / (Loss)Income from Continuing OperationsDiscontinued Operations | ||||
select a comprehensive income item Income Before Income TaxesNet Income / (Loss)Income Tax ExpenseGain from DisposalComprehensive IncomeExpensesOther Comprehensive IncomeIncome from Continuing OperationsTotal RevenuesRevenueTotal ExpensesRetained EarningsLoss from OperationsDiscontinued OperationsUnrealized Holding Loss of Available-for-Sale SecuritiesDividends | enter a dollar amount | |||
select a closing name for this statement Discontinued OperationsRevenueTotal RevenuesIncome from Continuing OperationsIncome Before Income TaxesIncome Tax ExpenseComprehensive IncomeTotal ExpensesNet Income / (Loss)Unrealized Holding Loss of Available-for-Sale SecuritiesExpensesLoss from OperationsGain from DisposalRetained EarningsDividendsOther Comprehensive Income | $enter a total amount for this statement |
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