Business, 08.02.2021 18:40, Alexisgrab
Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes).
1. An unrealized loss of $80,000 on available-for-sale securities.
2. A gain of $30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $40,000 gain on disposal).
3. A correction of an error in last year’s financial statements that resulted in a $20,000 understatement of 2016 net income.
Assume all items are subject to income taxes at a 20% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations. TRAYER CORPORATION Partial Statement of Comprehensive Income choose the accounting period. Solution: Loss from operations = $10,000 × 20% = $2,000 ($10,000 - $2,000 = $8,000)Gain from disposal = $40,000 × 20% = $8,000 ($40,000 - $8,000 = $32,000)Unrealized holding loss on available-for-sale securities = $80,000 × 20% = $16,000 ($80,000 - $16,000 = $64,000)(Gains and losses from discontinued operations and other comprehensive income should be reported net of their income tax effects)
Answers: 2
Business, 22.06.2019 10:00, bob7220
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Business, 22.06.2019 13:50, chammusa2
Which one of the following statements is true? ddt does not prevent disease from passing from agricultural animals to humans. cost was a major factor in the united states government's decision to ban ddt. many african governments concluded that the potential long-term health effects of ddt were not as serious as the immediate problem of insect control. ddt cannot accumulate in the fat of animals. the ddt ban in the united states has made it very difficult to control agricultural insect pests.
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Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31,...
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