Wer is parliam dydi. In its proposed 2020 income statement, Hrabik Corporation reports income before income...
In its proposed 2017 income statement, Hrabik Corporation reports income before income taxes $504,000, income taxes $176,400 (not including unusual items), loss on operation of discontinued music division $55,000, gain on disposal of discontinued music division $36,000, and unrealized loss on available-for-sale securities $151,000. The income tax rate is 35%. Prepare a correct income statement, beginning with income before income taxes. Hrabik CORPORATION Statement of Comprehensive Income (Partial) Income from continuing operations 1000 TT Comprehensive income TT Unrealized gain on...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Do It Review 18-01 In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $490,000, income taxes $156,800 (not including unusual items), loss on operation of discontinued music division $61,000, gain on disposal of discontinued music division $42,000, and unrealized loss on available for sale securities $154,000. The income tax rate is 32% Prepare a correct statement of comprehensive income, beginning with income before income taxes. (Enter loss using either...
Exercise 18-02 Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2020. 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). Assume all items are subject to income taxes at a 25% tax rate. Prepare a statement of comprehensive income,...
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available for sale securities. 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income,...
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 that resulted in a $30,000 understatement of 2016 net income....
Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $78,000 on available-for-sale securities. 2. A gain of $26,000 on the discontinuance of a division (comprised of a $14,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income, beginning with...
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $82,000 on available-for-sale securities. Again of $31,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $46,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income...
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $82,000 on available-for-sale securities. Again of $31,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $46,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income...
1. 2. Trayer Corporation has income from continuing operations of $278,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). An unrealized loss of $74,000 on available for sale securities. A gain of $25,000 on the discontinuance of a division (comprised of a $19,000 loss from operations and a 544,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income,...
For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data shown below. Income before income taxes $505,000 Income tax expense (25% x $376,000) 94,000 Income from continuing operations 411,000 Loss on discontinued operations 129,000 Net income $282,000 The loss on discontinued operations was comprised of a $56,000 loss from operations and a $73,000 loss from disposal. The income tax rate is 25% on all items. (a) Prepare a correct statement of comprehensive income beginning with...