An inexperienced accountant for Swifty Corporation showed the following in the income statement: net income $235,170 and unrealized gain on available-for-sale securities (before taxes) $87,100. The unrealized gain on available-for-sale securities subject to a 33% tax rate.

Prepare a correct statement of comprehensive income.

SWIFTY CORPORATION Partial Statement of Comprehensive Income
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive IncomeUnrealized Loss on Available-for-Sale Securities		$enter a dollar amount
select an opening section name DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive IncomeUnrealized Loss on Available-for-Sale Securities
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive IncomeGain on Available-for-Sale Securities		enter a dollar amount
select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Holding Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive Income		$enter a total amount for this statement

Answer rating: 100% (QA)

Solution SWIFTY CORPORATION Partial Statement of Comprehensive ... View the full answer