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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Let f(x, y) = − cos(x + y2 ) and let a be the point a...

General Management
1.2K views

Discuss the factors that influence internal pay structures.

Advance Math
1.2K views

Question H: Let’s keep using the AM-radio style signal from Question G: f(x) = sin(12x) * sin(x)...

General Management
1.2K views

Joe Schultz was a first line supervisor of a group of assembly line workers at Supreme...

Basic Math
1.2K views

Problem 4 Graph the Quadratic Fur 5 4 3 2 1 3 2 O 2

Statistics
1.2K views

Fill in the blanks Fraction 3 8 Decimal Percent 0 25 50

Calculus
1.2K views

Textbook Approximate the area under the curve graphed below from x 2 to x 7...

Algebra
1.2K views

ewrite 3 x 9 T 36 6 4 z r 30 as a product

Accounting
1.2K views

Payment of general obligation bond interest would be recorded as A. An expenditure in the...

Accounting
1.2K views

please help me im stuck thank you ...

Accounting
1.2K views

Received $15,000 cash from the issue of common stock. Performed services on account for $45,000....

Accounting
1.2K views

Problem 6-59 (Algo) Operations Costing (LO 6-6) Vermont Instruments manufactures two models of calculators. The...