An inexperienced accountant for Sheridan Corporation showed the following in the income statement: net income $278,250 and unrealized gain on available-for-sale securities (before taxes) $88,700. The unrealized gain on available-for-sale securities is subject to a 25% tax rate
Prepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
SHERIDAN CORPORATION
Statement of Comprehensive Income
select an income statement item Unrealized loss on available-for-sale securitiesOther comprehensive incomeUnrealized holding gain on available-for-sale securitiesNet income / (loss)DividendsComprehensive income / (loss)Income tax expenseIncome before income taxes
select an opening section name DividendsIncome tax expenseOther comprehensive incomeComprehensive income / (loss)Income before income taxesUnrealized holding gain on available-for-sale securitiesUnrealized loss on available-for-sale securitiesNet income / (loss)
select an income statement item Unrealized loss on available-for-sale securitiesNet income / (loss)Comprehensive income / (loss)Income before income taxesUnrealized holding gain on available-for-sale securitiesDividendsOther comprehensive incomeIncome tax expense
select a closing name for this statement Other comprehensive incomeIncome tax expenseNet income / (loss)Unrealized loss on available-for-sale securitiesUnrealized holding gain on available-for-sale securitiesDividendsComprehensive income / (loss)Income before income taxes
