Business, 08.03.2021 19:30, larissa1013

Exercise 9-2 Blue Spruce Corp. has income from continuing operations of $437,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $50,700 on available-for-sale securities.
2. A gain of $24,000 on the discontinuance of a division (comprised of a $9,100 loss from operations and a $33,100 gain on disposal).
3. A correction of an error in last yearâs financial statements that resulted in a $20,000 understatement of 2016 net income.

Assume all items are subject to income taxes at a 18% tax rate.

Required:
Prepare a statement of comprehensive income, beginning with income from continuing operations.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 02:10, dakodahepps

Materials purchases (on credit). direct materials used in production. direct labor paid and assigned to work in process inventory. indirect labor paid and assigned to factory overhead. overhead costs applied to work in process inventory. actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) transfer of jobs 306 and 307 to finished goods inventory. cost of goods sold for job 306. revenue from the sale of job 306. assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions.

Answers: 1

continue

Business, 22.06.2019 14:50, kianofou853

Ann chovies, owner of the perfect pasta pizza parlor, uses 20 pounds of pepperoni each day in preparing pizzas. order costs for pepperoni are $10.00 per order, and carrying costs are 4 cents per pound per day. lead time for each order is three days, and the pepperoni itself costs $3.00 per pound. if she were to order 80 pounds of pepperoni at a time, what would be the average inventory level?

Answers: 3

continue

Business, 22.06.2019 19:50, oomale

Joe pays ann to mow his lawn and ann mows vanna's lawn by mistake. vanna peers out her window and sees ann mowing, yet says nothing to ann about her mistake since vanna needs to have her lawn mowed. when ann approaches vanna for payment, vanna refuses, arguing that she never asked ann to mow her lawn. under these circumstances, ann can recover payment from vanna under:

Answers: 1

continue

Business, 22.06.2019 21:00, diablo871

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be:

Answers: 3

continue

Do you know the correct answer?

Exercise 9-2 Blue Spruce Corp. has income from continuing operations of $437,000 for the year ended...