Riverbed Corp has income from continuing operations of $394,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $57,800 on available-for-sale securities. 2. A gain of $24,400 on the discontinuance of a division (comprised of a $5,900 loss from operations and a $30,300 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.
Riverbed Corp has income from continuing operations of $394,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $57,800 on available-for-sale securities. 2. A gain of $24,400 on the discontinuance of a division (comprised of a $5,900 loss from operations and a $30,300 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 24CE
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Question
Riverbed Corp has income from continuing operations of $394,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes).
Assume all items are subject to income taxes at a 20% tax rate.
Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.
| 1. | An unrealized loss of $57,800 on available-for-sale securities. | |
| 2. | A gain of $24,400 on the discontinuance of a division (comprised of a $5,900 loss from operations and a $30,300 gain on disposal). |
Assume all items are subject to income taxes at a 20% tax rate.
Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.
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RIVERBED CORP
Partial Income Statement choose the accounting period |
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select an income statement item
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$enter a dollar amount
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select an income statement item
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select an income statement item
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$enter a dollar amount
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select an income statement item
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enter a dollar amount
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enter a subtotal of the two previous amounts
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select an income statement item
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enter a total amount for the first part
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RIVERBED CORP
Statement of Comprehensive Income choose the accounting period |
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select an income statement item
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enter a dollar amount
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select an income statement item
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select an income statement item
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enter a dollar amount
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select an income statement item
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$enter a total amount for this statement
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