Homework Answers
Answer:
| TRAYER CORPORATION Partial Statement of Comprehensive Income For the Year Ended December 31, 2017 |
|
| Income from Continuing Operations | 266,000 |
| Discontinued Operations | |
| Gain from Disposal of Discontinued Division | 39950 |
| Loss from Operations of Discontinued Division | -10200 |
| Net Income / Loss | 295750 |
| Unrealized Loss on Available for sale securities | -64600 |
| Comprehensive Income / Loss | 231150 |
Working Notes:
Gain from Disposal of Discontinued Division =
47000*(1-0.15) =39950
Loss from Operations of Discontinued Division = 12000*(1-0.15)
=10200
Unrealized Loss on Available for Sale Securities = 76000*(1-0.15)
=64600
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following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
securities
2. A gain of $32,000 on the discontinuance of a division
(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
that resulted in a $30,000 understatement of 2016 net income....
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Trayer Corporation has income from continuing operations of
$256,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
securities
2. A gain of $32,000 on the discontinuance of a division
(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
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