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ella [17]
3 years ago
13

An inexperienced accountant for Cheyenne Corp. showed the following in the income statement: income before income taxes $371,000

and unrealized gain on available-for-sale securities (before taxes) $88,700. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 35% tax rate. Prepare a correct statement of comprehensive income.
Business
1 answer:
sveta [45]3 years ago
6 0

Answer:

An correct statement was prepared for a comprehensive income which is given below.

Explanation:

Solution

Given that:

                                  Cheyenne Corporation              

          Correct Statement  of Comprehensive/General Income

Income before income taxes           $371,000

The less Tax ($371,000 * 35%)         $129,850

The Net Income                                                         $241,150

Other Comprehensive income

Unrealized profit on present for

sales securities, net of tax                                          $57,655

The comprehensive income

($241,150 +$57,655)                                                    $298,805      

Note:

The Unrealized profit on present for sales securities, net of tax is given as

=($88,700 * (100% -35%))

=$88,700 * 65%

=$57,655    

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If the government takes this approach, consumer surplus would increase.

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Please find attached the graph required to answer this question. To learn more, please check: brainly.com/question/15415230

7 0
2 years ago
Fernando's favorable attitude toward capital punishment began to change when he wasasked to offer arguments opposing it in a cla
LenaWriter [7]

Answer:

B) cognitive dissonance

Explanation:

According to my research on studies conducted by various psychologists, I can say that based on the information provided within the question his attitude change is best explained by cognitive dissonance. This is defined as the state of having inconsistent thoughts, beliefs, or attitudes, especially as relating to behavioral decisions and attitude change. Which is exactly what Fernando is experiencing.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

6 0
3 years ago
The signing of the project portfolio statement signals the transition from the high-level project initiating stage into the more
OLga [1]

Answer:

False

Explanation:

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cheers.

5 0
3 years ago
A convenience store buys 1-gallon jugs of milk for $2.99 and sells them for $4.29. What is the margin they earn on the milk?
koban [17]

Answer:

1.30

Explanation:

subtract 4.29 from 2.99

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3 years ago
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