can\'t figure out comprehensive income com/low/connect.html 12 Saved Help Save&E

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can't figure out comprehensive income

com/low/connect.html 12 Saved Help Save&Exit; Submit Check my work Minor, Inc, had revenue of $669,000 and expenses (other than income taxes) of $297000 for the current year The compahy is subject to a 35 percent income tax rate. In addition, avalilable-for-sale investments, which were purchased for $17500 early in the year, had a market value at the end of the year of $19,200 a. Determine the amount of Minor's net income for the year b. Determine the total amount of Minor's comprehensive income for the year c. How would your answers to parts a and b differ if the market value of Minor's investments at the end of the year had been $14,200? eBook Print a Net income S 241,800 income ferences c-1. Net income c-2 Comprehensive income

Explanation / Answer

a Revenue $669,000 Less: Expenses $297,000 Earnings before taxes $372,000 Less: taxes @35% $130,200 Net Income $241,800 b Revenue $669,000 Less: Expenses $297,000 Add/Less: comprehensive income/loss Gain on sale of investment $1,700 (19,200-17,500) Earnings before taxes $373,700 Less: taxes @35% $130,795 Net Income $242,905 c 1 Revenue $669,000 Less: Expenses $297,000 Earnings before taxes $372,000 Less: taxes @35% $130,200 Net Income $241,800 c2 Revenue $669,000 Less: Expenses $297,000 Add/Less: comprehensive income/loss Gain on sale of investment -$3,300 (14,200-17,500) Earnings before taxes $368,700 Less: taxes @35% $129,045 Net Income $239,655

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