Question
Marigold Corp. has income from continuing operations of $219,000 for the year ended December 31, 2020. It also has the following items (before considering income
Marigold Corp. has income from continuing operations of $219,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes).
1. | An unrealized loss of $72,600 on available-for-sale securities. | |
2. | A gain of $27,600 on the discontinuance of a division (comprised of a $6,400 loss from operations and a $34,000 gain on disposal). |
Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations.
MARIGOLD CORP. Partial Statement of Comprehensive Income For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020 | ||||
Income Tax ExpenseNet Income / (Loss)Total RevenuesExpensesIncome Before Income TaxesDiscontinued OperationsGain from DisposalUnrealized Holding Loss of Available-for-Sale SecuritiesLoss from OperationsRevenueRetained EarningsTotal ExpensesIncome from Continuing OperationsOther Comprehensive IncomeComprehensive IncomeDividends | $ | |||
Comprehensive IncomeIncome Before Income TaxesTotal RevenuesGain from DisposalUnrealized Holding Loss of Available-for-Sale SecuritiesNet Income / (Loss)Retained EarningsRevenueDividendsIncome Tax ExpenseDiscontinued OperationsLoss from OperationsIncome from Continuing OperationsTotal ExpensesExpensesOther Comprehensive Income | ||||
Total Expenses Retained Earnings Expenses Loss from Operations Revenue Other Comprehensive Income Dividends Income from Continuing Operations Comprehensive Income Unrealized Holding Loss of Available-for-Sale Securities Net Income / (Loss) Total Revenues Income Tax Expense Discontinued Operations Income Before Income Taxes Gain from Disposal | $ | |||
Revenue Total Revenues Gain from Disposal Comprehensive Income Dividends Income Tax Expense Expenses Loss from Operations Other Comprehensive Income Unrealized Holding Loss of Available-for-Sale Securities Income from Continuing Operations Discontinued Operations Net Income / (Loss) Total Expenses Retained Earnings Income Before Income Taxes | ||||
RevenueExpensesOther Comprehensive IncomeGain from DisposalDiscontinued OperationsIncome from Continuing OperationsRetained EarningsTotal RevenuesUnrealized Holding Loss of Available-for-Sale SecuritiesLoss from OperationsComprehensive IncomeDividendsIncome Tax ExpenseNet Income / (Loss)Total ExpensesIncome Before Income Taxes | ||||
Discontinued OperationsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesLoss from OperationsOther Comprehensive IncomeIncome Tax ExpenseIncome Before Income TaxesGain from DisposalComprehensive IncomeIncome from Continuing OperationsDividendsUnrealized Holding Loss of Available-for-Sale Securities | ||||
Income Before Income Taxes Net Income / (Loss) Total Revenues Dividends Unrealized Holding Loss of Available-for-Sale Securities Income from Continuing Operations Expenses Discontinued Operations Income Tax Expense Loss from Operations Retained Earnings Revenue Total Expenses Gain from Disposal Other Comprehensive Income Comprehensive Income | ||||
Other Comprehensive IncomeRevenueTotal ExpensesIncome Tax ExpenseIncome Before Income TaxesRetained EarningsGain from DisposalTotal RevenuesExpensesDividendsUnrealized Holding Loss of Available-for-Sale SecuritiesComprehensive IncomeDiscontinued OperationsIncome from Continuing OperationsNet Income / (Loss)Loss from Operations | $ |
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