Gain from Disposal, Net of Income TaxesLoss from Operations, Net of Income Tax SavingsNet Income /(Loss)Net Income/(Loss)Other Comprehensive IncomeUnrealized Holding Loss on Available-for-Sale SecuritiesComprehensive Income/(Loss)MA3740016150SHERIDAN CORPORATIONStatement of Comprehensive IncomeFor the Year Ended December 31, 20223392125029925029925062900236350 Sheridan Corporation has income from continuing operations of $278,000 for the year ended December 31, 2022. It also has thefollowing items (before considering income taxes).An unrealized loss of $74,000 on available-for-sale securities.2. Again of $25,000 on the discontinuance of a division (comprised of a $19,000 loss from operations and a $44,000 gain ondisposal).Assume all items are subject to income taxes at a 15% tax rate.Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.(Enter loss using either a negativign preceding the number eg.-2,945 or parentheses e.g. (2.945))Income from Continuing OperationsDiscontinued OperationsGain from Disposal, Net of Income TaxesSHERIDAN CORPORATIONIncome Statement (Partial)For the Year Ended December 31, 2022Ines from nortinne Nat of Income Tay Saunas3740016150278000

Income statement is the financial statement that records all the income and expenses of the business…

Sheridan Corporation has income from continuing operations of $278,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $74,000 on available-for-sale securities. Again of $25,000 on the discontinuance of a division (comprised of a $19.000 loss from operations and a $44,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. (Enter loss using either a negativacign preceding the number eg.-2,945 or parentheses eg. (2,945)) Income from Continuing Operations Discontinued Operations Gain from Disposal, Net of Income Taxe SHERIDAN CORPORATION Income Statement (Partial) For the Year Ended December 31, 2022 37400 278000

Sheridan Corporation has income from continuing operations of $278,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $74,000 on available-for-sale securities. Again of $25,000 on the discontinuance of a division (comprised of a $19.000 loss from operations and a $44,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. (Enter loss using either a negativacign preceding the number eg.-2,945 or parentheses eg. (2,945)) Income from Continuing Operations Discontinued Operations Gain from Disposal, Net of Income Taxe SHERIDAN CORPORATION Income Statement (Partial) For the Year Ended December 31, 2022 37400 278000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 68P

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