In 2020, Cheerios, Inc. had the following infrequent transactions:

• $208,000 loss on the write-down of inventories
• $79,000 adjustment of accruals on vacation wages payable
• $516,000 holding gain from stock portfolio investments held as available for sale securities
• $603,000 gain on the sale of equipment used in company’s manufacturing process
• $65,000 write-off of obsolete inventory
• $22,000 loss on the sale of land held as an investment
• $67,000 uninsured loss due to storm damage from a tornado

If Cheerios’ tax rate is 30%, What should Cheerios report as total Other Gains and Losses on its 2022 Income Statement?

Answer rating: 100% (QA)

Total Gains Losses to be reported by cheerios on its 2022 Income statem... View the full answer