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Pepsi [2]
3 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]3 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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Generally, firms entering foreign markets begin with:
kirill115 [55]

Answer:

a. less risky strategies first.

Explanation:

When find enter into foreign markets their knowledge and experience in the market space is limited. They will most likely implement less risky strategies of doing business bearlier on.

As they get to understand the market dynamics of the foreign country they are more confident in doing more risky transactions.

For example they can start with local production and exporting to the foreign country first. Then later open up operations in the foreign country.

7 0
3 years ago
Read 2 more answers
diego, age 28, married dolores, age 27, in 2021. their salaries for the year amounted to $66,900 and they had interest income of
goldfiish [28.3K]

If their salaries for the year amounted to $66,900 and they had interest income of $1,780. The amount of their adjusted gross income is: $64,445.

<h3>Adjusted gross income</h3>

Using this formula

Adjusted gross income=Salaries+ Interest income-Deduction for adjusted gross income

Where:

Salaries=$66,900

Interest income=$1,780

Deduction for adjusted gross income=$4,235

Let plug in the formula

Adjusted gross income=$66,900+$1,780-$4,235

Adjusted gross income=$64,445

Therefore if their salaries for the year amounted to $66,900 and they had interest income of $1,780. The amount of their adjusted gross income is: $64,445.

Learn more about adjusted gross income here:brainly.com/question/6748270

brainly.com/question/7244074

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The complete question is:

Diego, age 28, married dolores, age 27, in 2021. their salaries for the year amounted to $66,900 and they had interest income of $1,780. diego and dolores' deductions for adjusted gross income amounted to $4,235; their itemized deductions were $16,800, and they have no dependents.

What is the amount of their adjusted gross income?

3 0
1 year ago
Sheffield Corp. assigned $1601000 of accounts receivable to Pharoah Company as security for a loan of $1344000. Pharoah charged
Tpy6a [65]

Answer:

$1,317,120

Explanation:

Cash received by Sheffield Corporation at the time of assignment = Amount borrowed - Commission paid

= $1,344,000 - ($1,344,000 * 2%)

= $1,344,000 - $26,880

= $1,317,120

So, the amount of cash Sheffield received from Pharoah at the time of the assignment was $1,317,120

7 0
3 years ago
In November and December 2020, Crane Company, a newly organized magazine publisher, received $79200 for 1,000 three-year subscri
Varvara68 [4.7K]

Answer:

Crane should report $26,400 as subscription revenue in Income Statement

 

Explanation:

Amount received towards Subscription = $79,200 for 3 years

Subscription revenue to be recognized in Income Statement of 2020 =

= $79,200 / 3

= $26,400

7 0
3 years ago
Kim received a small raise at work so that her salary went from $58,000 per year to $60,000 per year. She is concerned that it m
zalisa [80]

I believe that Kim would be concerned about moving to the next tax bracket because the more money you earn in a year, the higher the income tax, and oftentimes groups of people that make anywhere from someodd-thousand to someodd thousand get taxed so much, and once you move up out of that range, you'll get taxed more, leaving you less money in your bank account that you worked for.

Fingers crossed that I helped you! :)

4 0
3 years ago
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