Cheyenne Corp. has income from continuing operations of $403,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $83,000 on available-for-sale securities. 2. A gain of $31,800 on the discontinuance of a division (comprised of a $8,800 loss from operations and a $40,600 gain on disposal). Assume all items are subject to income taxes at a 17% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations.

$360,904

Explanation:

Cheyenne Corp

Partial Statement of Comprehensive Income For the Year Ended December 31, 2020

Income from continuing operations $403,000

Discontinued operationsGain on discontinued segment, net of $5,406income taxes $26,394

($31,800×17%=$5,406)

($31,800-$5,406 =$26,394)

Net income $429,394

($403,000+$26,394)

Other comprehensive incomeUnrealized holding loss, on available-for-sale securities, net of $14,110 income tax savings $68,890

($83,000×17%=$14,110)

($83,000-$14,110=$68,890)

Comprehensive income $360,504

($429,394-$68,890)

in 2001, dell computer became the world’s largest personal computer vendor, continuing to

gain market share and post profits in an industry struggling with slumping sales and billions of

dollars in losses. dell sells 90% of its pcs directly to the final customer, largely bypassing the

reseller channel that accounts for most of the world’s pc sales. this direct customer relationship

is the key to dell’s business model, and provides distinct advantages over the indirect sales

model. dell’s direct relationship with the customer allows it to tailor its offerings to customer

needs, offer add-on products and services, and use the internet to offer a variety of customer

services. in addition, dell’s pcs are built to customers’ specifications upon receipt of an order,

giving dell additional advantages over indirect pc vendors who must try to forecast demand and

ship products based on those forecasts. dell’s direct sales and build-to-order model has achieved

superior performance in the pc industry in terms of inventory turnover, reduced overhead, cash

conversion, and return on investment (kraemer, et al., 2000).

explanation:

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