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Pepsi [2]
4 years ago
6

An inexperienced accountant for Marigold Corp. showed the following in the income statement: income before income taxes $432,000

and unrealized gain on available-for-sale securities (before taxes) $85,200. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 33% tax rate. Prepare a correct statement of comprehensive income.
Business
1 answer:
nekit [7.7K]4 years ago
6 0

Answer:

$346,524

Explanation:

Marigold Corp correct statement of Comprehensive Income

Income before income taxes 432,000

Income taxes expenses 142,560

(432,000*33%)

Net Income or loss 289,440

(432,000-142,560)

Other comprehensive income:

Unrealized gain on available-for-sale securities before tax

(85,200-(85,200*33%)

=85,200-28,116

=57,084

Hence:

Comprehensive income:

289,440+57,084

=$346,524

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