An inexperienced accountant for Silva Corporation showed the following in the income statement: net income $337,500 and
Question:
An inexperienced accountant for Silva Corporation showed the following in the income statement: net income $337,500 and unrealized gain on available-for-sale securities (before taxes) $70,000. The unrealized gain on available-for-sale securities is subject to a 25% tax rate. Prepare a correct statement of comprehensive income. Indicate how a change in accounting principle is reported.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 45% (11 reviews)
SILVA CORPORATION Partial Statement of Comprehensive Income Net In...View the full answer
Answered By
Ayush Mishra
I am a certified online tutor, with more than 3 years of experience in online tutoring. My tutoring subjects include: Physics, Mathematics and Mechanical engineering. I have also been awarded as best tutor for year 2019 in my previous organisation. Being a Mechanical Engineer, I love to tell the application of the concepts of science and mathematics in the real world. This help students to develop interest and makes learning fun and easy. This in turn, automatically improves their grades in the subject. I teach students to get prepared for college entry level exam. I also use to teach undergraduate students and guide them through their career aim.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
An inexperienced accountant for Silva AG showed the following in the income statement: income before income taxes 450,000 and unrealized gain on non-trading securities (before taxes) 70,000. The...
-
An inexperienced accountant for Fielder Corporation showed the following in Fielders 2014 income statement: Income before income taxes $300,000; Income tax expense $72,000; Extraordinary loss from...
-
An inexperienced accountant for Corfeld Corporation showed the following in Corfelds 2012 income statement: Income before income taxes $300,000; Income tax expense $72,000; Extraordinary loss from...
-
Part A: The following departments of activities are recorded in the City of Atlantas Comprehensive Annual Financial Report in the appendix to this chapter. Indicate the type of fund that most likely...
-
A unity feedback system, has a plant with T = 0.5. Determine whether the system is stable when K = 5. Determine the maximum value of K for stability. G,(s) s(s + 3)' K
-
Consider an aluminum alloy fin (k = 180 W/m K) of triangular cross section whose length is L = 5 cm, base thickness is b = 1 cm, and width w in the direction normal to the plane of paper is very...
-
In Exercises 1 to 4, it may be helpful to draw a figure such as Figure 5.5. Figure 5.5. Using the normal curve table, determine the area of the standard normal distribution that is greater than the...
-
Just before Walker Laboratories opened for business, James Walker, the owner, had the following assets and liabilities. Determine the totals that would appear in the firms fundamental accounting...
-
Ramos Company has the following unit costs: Variable manufacturing overhead Direct materials Direct labor Fixed manufacturing overhead Fixed marketing and administrative $19 18 23 16 14 What cost per...
-
You are the manager of a company that manufactures electric chainsaws. Currently the company makes 5,000 chainsaws each year and sells them for $200 each. You suspect that the company should be able...
-
Summary financial information for Gandaulf Company is as follows. Compute the amount and percentage changes in 2022 using horizontal analysis, assuming 2021 is the base year. Dec. 31, 2022 Dec. 31,...
-
The following accounts appear in the records of Paisan Inc. at December 31, 2022. Instructions Prepare the stockholders equity section at December 31. Calculate ratios to evaluate dividend and...
-
A large solar panel device manufacturing company based in the United States has noticed a sharp decline in its domestic sales. Upon investigation, it discovered that customers have been switching to...
-
Use the Divergence Theorem to calculate \(\iint_{\mathcal{S}} \mathbf{F} \cdot d \mathbf{S}\) for the given vector field and surface. \(\mathbf{F}(x, y, z)=\left\langle x y, y z, x^{2}...
-
Hillman Ltd prepares financial statements to 31 March each year. Consider each of the following situations and determine in each case whether or not a provision should be accounted for in the...
-
What is required for informed consent to be valid?
-
The current market wage rate is $30, the rental rate of land is $1,000 per unit, and the price per service unit of capital is $500. A firm's managers find that under their current allocation of...
-
For the following arrangements, explain whether they are operating or finance lease transactions: (a) Entity A leases an asset to entity B, and obtains a loan from a financial institution using the...
-
Powersoft Company is engaged in developing computer software for the small business and home computer market. Most of the computer programmers are involved in developmental work designed to produce...
-
The value of a share of common stock depends on the cash flows it is expected to provide, and those flows consist of the dividends the investor receives each year while holding the stock and the...
-
Richard Boudreault purchased 100 lululemon athletica common shares for $18 a share from the company's initial public offering. A few years later, Richard purchased 200 more lululemon shares for $71...
-
The market capitalization of Plazacorp Retail Properties Limited was $278 million at the end of 2011 and $317 million at the end of 2012. Explain what "market capitalization" means and describe the...
-
What is legal capital? How is the value of the legal capital determined? Why is legal capital reported separately from retained earnings in the shareholders' equity section of the statement of...
-
Please design a marketing message that embeds the concept of nostalgia and another factor that can potentially moderate the effect of nostalgia to increase consumer desire for post-pandemic travel....
-
Describe the stages a 22-year-old university student would go though when purchasing a new computer. Also, describe the process the same individual would go through when purchasing a frozen pizza.
-
Goal: Evaluate a business opportunity. What to do: Your wealthy aunt owns commercial real estate all over town. When one of her tenants, anonalcoholicbeverage company, goes bankrupt, your aunt...
Study smarter with the SolutionInn App