Flounder Corp. has income from continuing operations of $246,500 for the year ended December 31, 2022. It also has the following items (before considering income taxes).1. An unrealized loss of $68,000 on available-for-sale securities.2. A gain of $25,500 on the discontinuance of a division (comprised of a $8,500 loss from operations and a $34,000 gain on disposal).Assume all items are subject to income taxes at a 20% tax rate.Prepare a statement of comprehensive income, beginning with income from continuing operations.FLOUNDER CORP.Partial Statement of Comprehensive Incomechoose the accounting period For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations $enter a dollar amount select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations $enter a dollar amount select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations enter a dollar amount enter a subtotal of the two previous amountsselect a summarizing line for the first part DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations enter a total net income or loss amountselect an opening section name DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations enter a dollar amountselect a closing name for this statement DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations $enter a total amount for this statement

Comprehensive Income includes Income statement and the other comprehensive income for the period…

Answered: Flounder Corp. has income from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Flounder Corp. has income from continuing operations of $246,500 for the year ended December 31, 2022. It also has the following items (before considering income taxes).

1.		An unrealized loss of $68,000 on available-for-sale securities.
2.		A gain of $25,500 on the discontinuance of a division (comprised of a $8,500 loss from operations and a $34,000 gain on disposal).

Assume all items are subject to income taxes at a 20% tax rate.

Prepare a statement of comprehensive income, beginning with income from continuing operations.

FLOUNDER CORP. Partial Statement of Comprehensive Income choose the accounting period For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations		$enter a dollar amount
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations	$enter a dollar amount
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations	enter a dollar amount
		enter a subtotal of the two previous amounts
select a summarizing line for the first part DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations		enter a total net income or loss amount
select an opening section name DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations		enter a dollar amount
select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations		$enter a total amount for this statement

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.