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: 41% (12 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
-
Explain the difference between normal cost of goods sold and adjusted cost of goods sold.
-
\((-412) \times 504\) Complete the indicated calculation.
-
(Entry for Retirement of Bond; Bond Issue Costs) On January 2, 2005, Prebish Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2014. Legal and other costs of $24,000 were incurred in...
-
It is April 1, 2020. Consider the following Treasury yield curve: Maturity Coupon Price 2-year 3/31/2022 2.00% 100-00 5-year 9/30/2025 3.50% 100-00 10-year 9/15/2030 4.75% 100-00 There are 2...
-
A ride hailing company has their DB structured in 3 major tables as described in the SCHEMA section below. Write a query to fetch the top 100 users who traveled the most distance using the service....
-
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...
-
Using the diagram in Fig. 17.1, graphically determine the compositions x and y of the quaternary alloy Ga x In 1-x P 1-y As y which would yield a bandgap energy corresponding to the following...
-
How does self-interest impact the marketing process? How could marketers convince an audience to support funding for after-school program services that they do not use? Provide an example of an...
-
Bims Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 6,000 units in its beginning work in process inventory that were 90%...
-
For this activity you are going to research Canada's current (or as current as possible) Consumer Price Index (CPI) and also provide information about how the price of various items has changed over...
-
Design a database to automate the intake process for an estate planning attorney. The current process is based on capturing information in the attached form which every client completes....
-
A particle of mass m = 1 kg moves with an initial velocity of 1 m/s. It collides elastically with a second particle, of mass m = 2 kg, initially at rest. The angle between the initial trajectory and...
-
Mannion Property Management leases commercial properties and expects its clients to pay rent on a monthly basis. A new client signs a 4-year lease with a yearly rent of $420,000 and agrees to pay the...
-
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...
-
CHAPTER 3 Fiber-Optic Cable Introduction For the Network+ Certification Exam, you should be able to implement the appropriate fiber-optic cabling solution for a given network and troubleshoot common...
-
Reference reading: [Kurose] Chapter 1, Chapter 2 Problems: 1. [10 pts] The Internet is divided into network edge (end systems) and network core (routers). Describe the main functionality at network...
-
Homework #1 - Introduction & Chapter 1 1. Measure the length and diameter of a finishing nail. If the steel has an ASTM grain size of 9 how many grains are there in the nail? Show all calculations...
Study smarter with the SolutionInn App