Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

fill in the blanks In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $490,000, income taxes $156,800 (not including unusual items),

image text in transcribed

fill in the blanks

In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $490,000, income taxes $156,800 (not including unusual items), loss on operation of discontinued music division $61,000, gain on disposal of discontinued music division $42,000, and unrealized loss on available-for-sale securities $154,000. The income tax rate is 32%. Prepare a correct statement of comprehensive income, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) HRABIK CORPORATION Partial Statement of Comprehensive Income Income before income taxes $4490,000 Income tax expense 1156,800 333,200 Income from continuing operations Discontinued operations Loss from operations of discontinued division Gain from disposal of discontinued division 128,560 Net Income / (loss) 320,280 Unrealized holding loss on available-for-sale securities Comprehensive income $215,560

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial & Managerial Accounting, The Financial Chapters

Authors: Tracie Miller Nobles, Brenda Mattison

7th Edition

0136505279, 9780136505273

More Books

Students also viewed these Accounting questions

Question

How is a not-for-profit entity defined in the Codification?

Answered: 1 week ago