Pina Colada Corp. has income from continuing operations of $413,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1.   An unrealized loss of $64,600 on available-for-sale securities. 2.   A gain of $26,400 on the discontinuance of a division (comprised of a $9,100 loss from operations and a $35,500 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. PINA COLADA CORP. Partial Income Statement choose the accounting period                                                            select an income statement item                                                                  $enter a dollar amount select an income statement item                                                                    select an income statement item                                                              $enter a dollar amount     select an income statement item                                                              enter a dollar amount             enter a subtotal of the two previous amounts select an income statement item                                                                  enter a total amount for the first part   PINA COLADA CORP. Statement of Comprehensive Income choose the accounting period                                                            select an income statement item                                                                  enter a dollar amount select an income statement item                                                                    select an income statement item                                                                  enter a dollar amount select an income statement item                                                                  $enter a total amount for this statement

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Question

Pina Colada Corp. has income from continuing operations of $413,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes).

1.   An unrealized loss of $64,600 on available-for-sale securities.
2.   A gain of $26,400 on the discontinuance of a division (comprised of a $9,100 loss from operations and a $35,500 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.

PINA COLADA CORP.
Partial Income
Statement
choose the accounting period                                                           
select an income statement item                                                           
     
$enter a dollar amount
select an income statement item                                                           
       
select an income statement item                                                           
 
$enter a dollar amount
   
select an income statement item                                                           
 
enter a dollar amount
   
       
enter a subtotal of the two previous amounts
select an income statement item                                                           
     
enter a total amount for the first part

 

PINA COLADA CORP.
Statement of Comprehensive Income

choose the accounting period                                                           
select an income statement item                                                           
     
enter a dollar amount
select an income statement item                                                           
       
select an income statement item                                                           
     
enter a dollar amount
select an income statement item                                                           
     
$enter a total amount for this statement
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