Question
Trayer Corporation has income from continuing operations of $430,000 for the year ended December 31, 2017. It also has the following items (before considering income
Trayer Corporation has income from continuing operations of $430,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes).
1. | An unrealized loss of $85,400 on available-for-sale securities. | |
2. | A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain on disposal). | |
3. | A correction of an error in last years financial statements that resulted in a $20,000 understatement of 2016 net income. |
Assume all items are subject to income taxes at a 19% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations.
AYAYAI CORP. Partial Statement of Comprehensive Income Choose the accounting period For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017 | ||||
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Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations | $Enter a dollar amount | |||
Select an opening section name DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations | ||||
Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations | $Enter a dollar amount | |||
Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations | Enter a dollar amount | |||
Enter a total of the two previous amounts | ||||
Select a summarizing line for the first part DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations | Enter a dollar amount | |||
Select an opening section name DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations | ||||
Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations | Enter a dollar amount | |||
Select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations | $Enter a total amount for this statement |
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