Rayer corporation has income from continuing operations of $319,000 for the year ended december 31, 2017. it also has the following items (before considering income taxes). 1. an unrealized loss of $58,800 on available-for-sale securities. 2. a gain of $25,300 on the discontinuance of a division (comprised of a $8,200 loss from operations and a $33,500 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 16% tax rate. prepare a statement of comprehensive income, beginning with income from continuing operations. swifty corporation partial statement of comprehensive income $ $ $ click if you would like to show work for this question: open show work link to text question attempts: 1 of 5 used save for later submit answer

before tax     305,500

tax expense    48,880

after tax        300,620

Explanation:

income from continuing operations of   319,000

Capital gain                                                 33,500

understatement of 2016 income               20,000

loss on available-for-sale securities.        (58,800)

discontinued operations                             (8,200)  

Total other comprehensive income      305,500

tax expense        16%                                (48,880)  

net                                                              300,620

We will list each transaction, notice the understatement of 2016 income means the company recognize a lower income than it should, so we increase the other comprehensive income.

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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