An Inexperienced Accountant for CJS Transport Corporation Showed the Following

question 165

Essay

An inexperienced accountant for CJS Transport Corporation showed the following in CJS Transport's 2022 income statement: Income before income taxes $420,000; and Unrealized loss on available-for-sale securities (before taxes) $60,000.The unrealized loss and income before income taxes are both subject to a 30% tax rate.
Instructions
Prepare a corrected statement of income.

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Definitions:

Agnostic

Pertaining to the belief that the existence or non-existence of a deity or deities cannot be known or proven.

Diabetic Ketoacidosis

A serious diabetes complication where the body produces excess blood acids (ketones) due to a lack of insulin.

Religious Fast

A period of abstinence from all or some kinds of food or drink, often observed due to religious reasons.

Strong Inclination

A powerful tendency or preference towards a particular thinking, feeling, or action.