An inexperienced accountant for Sheridan Corporation showed the following in the income statement: net income $285,750...

Transcribed Image Text:

An inexperienced accountant for Sheridan Corporation showed the following in the income statement: net income $285,750 and unrealized gain on available-for-sale securities (before taxes) $85,700. The unrealized gain on available-for-sale securities is subject to a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2.945 or parentheses eg. (2,945).) SHERIDAN CORPORATION Statement of Comprehensive Income eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score. 15% score reduction after attempt 1 Using these data from the comparative balance sheets of Sheridan Company, performa vertical analysis. December 31, 2022 December 31, 2021 Accounts receivable (net) $404,800 $413,250 Inventory 850,080 715,350 Total assets 2,530,000 2,850,000 (Round percentages to 1 decimal place, e.g. 12.1%.) An inexperienced accountant for Sheridan Corporation showed the following in the income statement: net income $285,750 and unrealized gain on available-for-sale securities (before taxes) $85,700. The unrealized gain on available-for-sale securities is subject to a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2.945 or parentheses eg. (2,945).) SHERIDAN CORPORATION Statement of Comprehensive Income eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score. 15% score reduction after attempt 1 Using these data from the comparative balance sheets of Sheridan Company, performa vertical analysis. December 31, 2022 December 31, 2021 Accounts receivable (net) $404,800 $413,250 Inventory 850,080 715,350 Total assets 2,530,000 2,850,000 (Round percentages to 1 decimal place, e.g. 12.1%.)

Answer rating: 100% (QA)

2 Sheridan corporation Statement of comprehensive income Net income 285750 Other comp... View the full answer