Minor inc. had revenue of 572000 and expenses other than, Ask an Expert

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Minor, Inc., had revenue of $572,000 and expenses (other than income taxes) of $282,000 for the current year. The company is subject to a 35 percent income tax rate. In addition, available-for-sale investments, which were purchased for $17,500 early in the year, had a market value at the end of the year of $19,200.

a. Determine the amount of Minor's net income for the year.

b. Determine the amount of Minor's comprehensive income for the year.

c. How would your answers to parts a and b differ if the market value of Minor's investments at the end of the year had been $14,200?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M958859

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