Question

Trayer Corporation has income from continuing operations of $430,000 for the year ended December 31, 2017....

Trayer Corporation has income from continuing operations of $430,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes).

1. An unrealized loss of $85,400 on available-for-sale securities.
2. A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain on disposal).
3. A correction of an error in last year’s financial statements that resulted in a $20,000 understatement of 2016 net income.


Assume all items are subject to income taxes at a 19% tax rate.

Prepare a statement of comprehensive income, beginning with income from continuing operations.

AYAYAI CORP.
Partial Statement of Comprehensive Income

Choose the accounting period                                                          For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017

Select a comprehensive income item                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

$Enter a dollar amount

Select an opening section name                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

Select a comprehensive income item                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

$Enter a dollar amount

Select a comprehensive income item                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

Enter a dollar amount

Enter a total of the two previous amounts

Select a summarizing line for the first part                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

Enter a dollar amount

Select an opening section name                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

Select a comprehensive income item                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

Enter a dollar amount

Select a closing name for this statement                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

$Enter a total amount for this statement

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