Minor, Incorporated, had revenue of $$572,000$ and expenses $($other than income taxes$)$ of $$282,000$ for the current year. The company is subject to a $35$ percent income tax rate. In addition, Minor had a gain from foreign currency translation of $$1,700$ before income taxes during the year.

Required:

Determine the amount of Minor$$s net income for the year.

Determine the total amount of Minor$$s comprehensive income for the year.

How would your answers to parts a and b differ if the foreign currency translation had been a loss of $$3,300$ before income taxes?

Answer rating: 100% (QA)

Answer Lets calculate Minor Incorporateds net income and comprehensive income for the year Net Incom... View the full answer