Calculate the net income or net loss for XYZ Corporation during 2024, given that on December 31, 2024: • • Total assets were $1,250,000 Total liabilities were $450,000 There were no additional investments or withdrawals during the year
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- Subject: acountingirvestment in Harbor, Femur Co. had its own revenues of ($ 4,500,000) and expenses of ($ 3,000,000) for the year 2023. What is the noncontrolling interest in net income? [ egin{array}{1} ext { a } $ 150,000 \ ext { b. } $ 132,000 . \ ext { c. } $ 168,000 . \ext { d. } $ 160,000. \ ext { e. } $ 203,000. end{array}]LO.1 During 2023, Gorilla Corporation, a calendar year C corporation, has net short-term capital gains of $15,000, net long-term capital losses of $105,000, and taxable income from other sources of $460,000. Prior years' transactions included the following: 2019 net short-term capital gains 2020 net long-term capital gains 2021 net short-term capital gains 2022 net long-term capital gains a. How are the capital gains and losses treated on Gorilla's 2023 tax return? b. Determine the amount of the 2023 capital loss that is carried back to each of the previous years. $40,000 18,000 25,000 20,000 c. Compute the amount of capital loss carryforward, if any, and indicate the years to which the loss may be carried. d. e. If Gorilla is a sole proprietorship rather than a corporation, how would these transactions be reported in the proprietor's 2023 tax return? Assume that Gorilla Corporation's capital loss carryforward in part (c) is $27,000 and that Gorilla will be able to use $11,000 of the…
- MemanThe following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Years Ended December 31 2024 2023 2022 Net income $ 900 $ 730 $ 585 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $23, ($20), and $20 in 2024, 2023, and 2022, respectively 35 (28) 28 Other (1) (2) 1 Total comprehensive income $ 934 $ 700 $ 614 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2024 2023 Shareholders’ equity: Common stock $ 350 $ 350 Additional paid-in capital 8,575 8,575 Retained earnings 7,655 7,099 Accumulated other comprehensive income 114 80 Total shareholders’ equity $ 16,694 $ 16,104 Required: 3. From the information provided, determine how Kaufman calculated the $114 million accumulated other comprehensive income in 2024.Financial Accounting Question solve the problem