Timber Company provided the following information for the current year: LOADING... (Click the icon to view the information.) The company is subject to a 40% income tax rate. Read the requirements LOADING... . Requirement a. Prepare a single statement of comprehensive income beginning with operating income. (Use parentheses or a minus sign to enter any loss amounts.) Pine Timber Company Statement of Comprehensive Income For the Year Ended December 31 Operating Income $342,000 Other Revenues and Expenses Unrealized Gain on Trading Portfolio $13,000 Loss on Sale of Investments in Bonds (27,000) (14,000) Income Before Tax $328,000 Income Tax Expense (131,200) Income From Continuing Operations $196,800 Discontinued Operations Income From Operations of Discontinued Segment, Net of Tax $22,800 Loss From Disposal of Discontinued Segment, Net of Tax (10,500) 12,300 Net Income $209,100 Other Comprehensive Income, Net of Tax Unrealized Loss on Available–for–Sale Investments (3,120) Comprehensive Income $205,980 Requirement b. Prepare separate statements of net income and comprehensive income. Begin by preparing a separate statement of net income. Begin with operating income. (Use parentheses or a minus sign to enter any loss amounts.) Pine Timber Company Statement of Net Income For the Year Ended December 31 Operating Income $342,000 Other Revenues and Expenses Unrealized Gain on Trading Portfolio $13,000 Loss on Sale of Investments in Bonds (27,000) (14,000) Income Before Tax $328,000 Income Tax Expense (131,200) Income From Continuing Operations $196,800 Discontinued Operations Income From Operations of Discontinued Segment, Net of Tax $22,800 Loss From Disposal of Discontinued Segment, Net of Tax (10,500) 12,300 Net Income $209,100 Now prepare a separate statement of comprehensive income. (Use parentheses or a minus sign to enter any loss amounts.) Pine Timber Company Statement of Comprehensive Income For the Year Ended December 31 Net Income $209,100 Other Comprehensive Income, Net of Tax Unrealized Loss on Available–for–Sale Investments (3,120) Comprehensive Income $205,980

Timber Company provided the following information for the current year: LOADING... (Click the icon to view the information.) The company is subject to a 40% income tax rate. Read the requirements LOADING... . Requirement a. Prepare a single statement of comprehensive income beginning with operating income. (Use parentheses or a minus sign to enter any loss amounts.) Pine Timber Company Statement of Comprehensive Income For the Year Ended December 31 Operating Income $342,000 Other Revenues and Expenses Unrealized Gain on Trading Portfolio $13,000 Loss on Sale of Investments in Bonds (27,000) (14,000) Income Before Tax $328,000 Income Tax Expense (131,200) Income From Continuing Operations $196,800 Discontinued Operations Income From Operations of Discontinued Segment, Net of Tax $22,800 Loss From Disposal of Discontinued Segment, Net of Tax (10,500) 12,300 Net Income $209,100 Other Comprehensive Income, Net of Tax Unrealized Loss on Available–for–Sale Investments (3,120) Comprehensive Income $205,980 Requirement b. Prepare separate statements of net income and comprehensive income. Begin by preparing a separate statement of net income. Begin with operating income. (Use parentheses or a minus sign to enter any loss amounts.) Pine Timber Company Statement of Net Income For the Year Ended December 31 Operating Income $342,000 Other Revenues and Expenses Unrealized Gain on Trading Portfolio $13,000 Loss on Sale of Investments in Bonds (27,000) (14,000) Income Before Tax $328,000 Income Tax Expense (131,200) Income From Continuing Operations $196,800 Discontinued Operations Income From Operations of Discontinued Segment, Net of Tax $22,800 Loss From Disposal of Discontinued Segment, Net of Tax (10,500) 12,300 Net Income $209,100 Now prepare a separate statement of comprehensive income. (Use parentheses or a minus sign to enter any loss amounts.) Pine Timber Company Statement of Comprehensive Income For the Year Ended December 31 Net Income $209,100 Other Comprehensive Income, Net of Tax Unrealized Loss on Available–for–Sale Investments (3,120) Comprehensive Income $205,980

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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Question

Timber Company provided the following information for the current year:

(Click

the icon to view the information.)

The company is subject to a

40%

income tax rate.

Read the

requirements

Requirement a. Prepare a single statement of comprehensive income beginning with operating income. (Use parentheses or a minus sign to enter any loss amounts.)

Pine Timber Company
Statement of Comprehensive Income
For the Year Ended December 31
Operating Income		$342,000
Other Revenues and Expenses
Unrealized Gain on Trading Portfolio	$13,000
Loss on Sale of Investments in Bonds	(27,000)	(14,000)
Income Before Tax		$328,000
Income Tax Expense		(131,200)
Income From Continuing Operations		$196,800
Discontinued Operations
Income From Operations of Discontinued Segment, Net of Tax	$22,800
Loss From Disposal of Discontinued Segment, Net of Tax	(10,500)	12,300
Net Income		$209,100
Other Comprehensive Income, Net of Tax
Unrealized Loss on Available–for–Sale Investments		(3,120)
Comprehensive Income		$205,980

Requirement b. Prepare separate statements of net income and comprehensive income.

Begin by preparing a separate statement of net income. Begin with operating income. (Use parentheses or a minus sign to enter any loss amounts.)

Pine Timber Company
Statement of Net Income
For the Year Ended December 31
Operating Income		$342,000
Other Revenues and Expenses
Unrealized Gain on Trading Portfolio	$13,000
Loss on Sale of Investments in Bonds	(27,000)	(14,000)
Income Before Tax		$328,000
Income Tax Expense		(131,200)
Income From Continuing Operations		$196,800
Discontinued Operations
Income From Operations of Discontinued Segment, Net of Tax	$22,800
Loss From Disposal of Discontinued Segment, Net of Tax	(10,500)	12,300
Net Income		$209,100

Now prepare a separate statement of comprehensive income. (Use parentheses or a minus sign to enter any loss amounts.)

Pine Timber Company

Statement of Comprehensive Income

For the Year Ended December 31

Net Income	$209,100
Other Comprehensive Income, Net of Tax
Unrealized Loss on Available–for–Sale Investments	(3,120)
Comprehensive Income	$205,980

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