Bramble Corp. has income from continuing operations of $236,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $75,100 on available-for-sale securities. A gain of $25,100 on the discontinuance of a division (comprised of a $5,900 loss from operations and a $31,000 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.

Bramble Corp. has income from continuing operations of $236,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $75,100 on available-for-sale securities. A gain of $25,100 on the discontinuance of a division (comprised of a $5,900 loss from operations and a $31,000 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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First Buy Company provided the following manufacturing costs for the month of June. Direct labor cost $136,000Direct materials cost 80,000Equipment depreciation (straight-line) 24,000Factory insurance 19,000Factory manager's salary 12,800Janitor's salary 5,000Packaging costs 18,800 From the above information, calculate First Buy's total variable costs.
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