Question
Reporting a Comprehensive Income Statement Wagner Inc. has service revenue of $2,000,000, operating expenses of $1,200,000, and an unrealized holding loss of $100,000 on debt
Reporting a Comprehensive Income Statement
Wagner Inc. has service revenue of $2,000,000, operating expenses of $1,200,000, and an unrealized holding loss of $100,000 on debt security investments for the year ended December 31, 2020. Its income tax rate is 25%.
Required
a. Prepare a single continuous statement of comprehensive income. Ignore earnings per share disclosures.
- Do not use negative signs with any of your answers.
Wagner Inc. | |||
---|---|---|---|
Statement of Comprehensive Income | |||
For the Year Ended December 31, 2020 | |||
? | ? | ||
? | ? | ||
? | ? | ||
? | ? | ||
? | ? | ||
? | ? | ||
? | ? |
options:
Comprehensive income
Income before income tax
Income tax expense
Net income
Operating expenses
Service revenue
Unrealized holding loss on security investments, net of tax
b. Prepare two separate statements of income and comprehensive income. Ignore earnings per share disclosures.
- Do not use negative signs with any of your answers.
Wagner Inc. | |||
---|---|---|---|
Income Statement | |||
For the Year Ended December 31, 2020 | |||
? | ? | ||
? | ? | ||
? | ? | ||
? | ? | ||
? | ? |
Wagner Inc. | |||
---|---|---|---|
Statement of Comprehensive Income | |||
For the Year Ended December 31, 2020 | |||
? | ? | ||
? | ? | ||
? | ? |
options:
Comprehensive income
Income before income tax
Income tax expense
Net income
Operating expenses
Service revenue
Unrealized holding loss on security investments, net of tax
will vote thanks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started