Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the trial balance for nikita, inc. for the year en

The trial balance for Nikita, Inc. for the year ended December 31, 2022 included the...

50.1K

Verified Solution

Question

Accounting

The trial balance for Nikita, Inc. for the year ended December 31, 2022 included the following accounts:

Sales revenue = $340,000

Cost of goods sold = $158,000

Selling and administrative expenses = $71,000

Interest income = $96,000

Other expenses = $45,000

Gain on derivatives = $13,650

Gain on investment securities = $2,027

  • The gains on derivatives and investment securities are unrealized and classified as other comprehensive income
  • Each component of other comprehensive income should be calculated net of tax
  • The companys income tax rate on all items is 30%

Based on the information above, what is the companys income tax expense amount?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

John owns a hotdog stand. He has found that his profit is represented by the...

Algebra
Q

e correct answer below Question e whether the following statement is true or false ble...

Statistics
Q

Explain using complete sentences the advantages of providing an EXACT solution to a quadratic equation rather...

Advance Math
Q

What are some effects of prostaglandins in the body?Check all that apply.work to make reactions...

Biology
Q

Not yet answered Marked out of 1 00 If P A B P A and...

Basic Math
Q

1 Let h x t 1dt for 1 x 1 a Find h 1 b...

Calculus
Q

1 2 Use the given graph to estimate the value of each deriva tive Then...

Calculus
Q

Statement of Operations 5. Comment on the profitability of the company for the...

Accounting
Q

Manually calculate the compound interest on an investment of $5,250 at 8% interest...

Accounting
Q

Suppose a seven-year, $1000 bond with an 8% coupon rate and semiannual coupons is trading...

Accounting
Q

Exercise 5-6(Algo) Break-Even Analysis [LO5-5] Mauro Products distributes a single product, a woven...

Accounting
Q

Two-Stage ABC for Manufacturing Meridian Company has determined its activity cost pools and cost drivers...

Accounting