An inexperienced accountant for Silk Corporation showed the following in the income statement: income before income taxes of $457,000 and unrealized gain on available-for-sale securities (before taxes) of $74,000. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 28% tax rate. Prepare a correct statement of comprehensive income in table format.

An inexperienced accountant for Silk Corporation showed the following in the income statement: income before income taxes of $457,000 and unrealized gain on available-for-sale securities (before taxes) of $74,000. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 28% tax rate. Prepare a correct statement of comprehensive income in table format.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Similar questions

Subject: financial accounting
An inexperienced accountant for Culver Corporation showed the following in the income statement: income before income taxes $395,000 and unrealized gain on available-for-sale securities (before taxes) $92,100. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 25% tax rate.Prepare a correct statement of comprehensive income. CULVER CORPORATIONPartial Statement of Comprehensive Income Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Holding Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive Income $Enter a dollar amount Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome…
General accounting
An inexperienced accountant for Marigold Corp. showed the following in the income statement: income before income taxes $432,000 and unrealized gain on available-for-sale securities (before taxes) $85,200. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 33% tax rate. Prepare a correct statement of comprehensive income. MARIGOLD CORP. Partial Statement of Comprehensive Income $ %24 %24 > >
Ans
Please help
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
The income statement, statement of retained earnings, and balance sheet for Santiago Systems are as follows: Includes both state and federal taxes. Refer to the information for Santiago Systems above. Required: Compute the price-earnings ratio. (Note: Round the answer to two decimal places.)
XYZ Co has disclosed the following financial information for the period ending 12/31/19: sales of $1,522,982, cost of goods sold of $825,220, depreciation expenses of $101,083, and interest expenses of $80,341. Assume that the firm has an average tax rate of 35 percent. What is the company's net income?( Please round your answer for the Tax and Net income line to the whole number, for example 5. ) Sales COGS ( ? ) Deprecation ( ? ) Interest exp ( ? ) Pre-Tax Income ? Tax ( ? ) Net Income ?
please help and provide solution with all working
For Magdalen Industries, compute the net income before taxes and net profit (or loss). Taxes for the year were $7.5 million. (a) Calculate net profit for the year. (b) Construct the income statement. (c) Calculate the interest coverage and net profit ratio. Is the interest coverage acceptable? Explain why or why not
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: