Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1,2025, A1 Industries had cash and common stock of $180000. At that date, the company had no other asset, liability or equity balances.

image text in transcribed

On January 1,2025, A1 Industries had cash and common stock of $180000. At that date, the company had no other asset, liability or equity balances. On January 2, 2025, it purchased $160000 of equity securities for cash that it classified as available-for-sale. It received cash dividends of $12000 during the year on these securities. In addition, it had an unrealized holding gain on these securities of $32000 net of tax. If the company had operating income of $100000 and a 20% tax rate, what is the amount of comprehensive income in 2025 ? $115200$144000$121600$89600

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_2

Step: 3

blur-text-image_3

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

Fundamentals Of International Financial Accounting And Reporting

Authors: Roger Hussey

1st Edition

9814280232, 9789814280235

More Books

Students also viewed these Accounting questions

Question

Write the advantages of Hibernate over JDBC?

Answered: 1 week ago

Question

Were any of the authors students?

Answered: 1 week ago

Question

What are the objectives of job evaluation ?

Answered: 1 week ago

Question

Write a note on job design.

Answered: 1 week ago

Question

Compute the derivative of f(x)cos(-4/5x)

Answered: 1 week ago

Question

Discuss the process involved in selection.

Answered: 1 week ago