Question
Culver Corporation has income from continuing operations of $309,000 for the year ended December 31, 2022. It also has the following items (before considering income
Culver Corporation has income from continuing operations of $309,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes).
1. | An unrealized loss of $69,500 on available-for-sale securities. | |
2. | A gain of $30,000 on the discontinuance of a division (comprised of a $8,500 loss from operations and a $38,500 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.
CULVER CORPORATION Partial Income Statement choose the accounting period December 31, 2022For the Year Ended December 31, 2022For the Month Ended December 31, 2022 | ||||
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select an income statement item Comprehensive IncomeDiscontinued OperationsDividendsExpensesGain on DisposalIncome Before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from OperationsNet Income / (Loss)Other Comprehensive IncomeRetained EarningsRevenueTotal ExpensesTotal RevenuesUnrealized Holding Loss of Available-for-Sale Securities | $enter a dollar amount | |||
select an income statement item Comprehensive IncomeDiscontinued OperationsDividendsExpensesGain on DisposalIncome Before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from OperationsNet Income / (Loss)Other Comprehensive IncomeRetained EarningsRevenueTotal ExpensesTotal RevenuesUnrealized Holding Loss of Available-for-Sale Securities | ||||
select an income statement item Comprehensive IncomeDiscontinued OperationsDividendsExpensesGain on DisposalIncome Before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from OperationsNet Income / (Loss)Other Comprehensive IncomeRetained EarningsRevenueTotal ExpensesTotal RevenuesUnrealized Holding Loss of Available-for-Sale Securities | $enter a dollar amount | |||
select an income statement item Comprehensive IncomeDiscontinued OperationsDividendsExpensesGain on DisposalIncome Before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from OperationsNet Income / (Loss)Other Comprehensive IncomeRetained EarningsRevenueTotal ExpensesTotal RevenuesUnrealized Holding Loss of Available-for-Sale Securities | enter a dollar amount | |||
enter a subtotal of the two previous amounts | ||||
select an income statement item Comprehensive IncomeDiscontinued OperationsDividendsExpensesGain on DisposalIncome Before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from OperationsNet Income / (Loss)Other Comprehensive IncomeRetained EarningsRevenueTotal ExpensesTotal RevenuesUnrealized Holding Loss of Available-for-Sale Securities | enter a total amount for the first part |
CULVER CORPORATION Statement of Comprehensive Income choose the accounting period For the Month Ended December 31, 2022For the Year Ended December 31, 2022December 31, 2022 | ||||
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select an income statement item Comprehensive IncomeDiscontinued OperationsDividendsExpensesGain on DisposalIncome Before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from OperationsNet Income / (Loss)Other Comprehensive IncomeRetained EarningsRevenueTotal ExpensesTotal RevenuesUnrealized Holding Loss of Available-for-Sale Securities | enter a dollar amount | |||
select an income statement item Comprehensive IncomeDiscontinued OperationsDividendsExpensesGain on DisposalIncome Before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from OperationsNet Income / (Loss)Other Comprehensive IncomeRetained EarningsRevenueTotal ExpensesTotal RevenuesUnrealized Holding Loss of Available-for-Sale Securities | ||||
select an income statement item Comprehensive IncomeDiscontinued OperationsDividendsExpensesGain on DisposalIncome Before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from OperationsNet Income / (Loss)Other Comprehensive IncomeRetained EarningsRevenueTotal ExpensesTotal RevenuesUnrealized Holding Loss of Available-for-Sale Securities | enter a dollar amount | |||
select an income statement item Comprehensive IncomeDiscontinued OperationsDividendsExpensesGain on DisposalIncome Before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from OperationsNet Income / (Loss)Other Comprehensive IncomeRetained EarningsRevenueTotal ExpensesTotal RevenuesUnrealized Holding Loss of Available-for-Sale Securities | $enter a total amount for this statement |
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