Business, 23.06.2020 21:01, ayoismeisjjjjuan

An inexperienced accountant for Cheyenne Corp. showed the following in the income statement: income before income taxes $371,000 and unrealized gain on available-for-sale securities (before taxes) $88,700. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 35% tax rate. Prepare a correct statement of comprehensive income.

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answered: bigchriss

An correct statement was prepared for a comprehensive income which is given below.

Explanation:

Solution

Given that:

Cheyenne Corporation

Correct Statement of Comprehensive/General Income

Income before income taxes $371,000

The less Tax ($371,000 * 35%) $129,850

The Net Income $241,150

Other Comprehensive income

Unrealized profit on present for

sales securities, net of tax $57,655

The comprehensive income

($241,150 +$57,655) $298,805

Note:

The Unrealized profit on present for sales securities, net of tax is given as

=($88,700 * (100% -35%))

=$88,700 * 65%

=$57,655

answered: Guest

im almost done gimme more time to get the answer

answered: Guest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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An inexperienced accountant for Cheyenne Corp. showed the following in the income statement: income...