Question

HLL Group reported net income totaling $3,000,000 for the year 2019. The following is additional information...

HLL Group reported net income totaling $3,000,000 for the year 2019. The following is additional information obtained from the HLL Group’s financial reports:
The Company purchased 100,000 shares of Micron Specialists for $10 per share during the fourth quarter of 2019. The investment is accounted for as “available for sale.” The value of the shares is $9 at the end of 2019. The Company purchased 10,000 shares of Sunswept Properties for $20 per share during the fourth quarter of 2019. The investment is accounted for as “trading” securities. The value of the shares is $22 at the end of 2019. The company began operations in Europe during the year and reports a foreign currency translation gain at the end of 2019 totaling $75,000. The actual return on assets in its pension fund total $150,000. The expected return was $110,000. The company has substantial prior service cost associated with its employee pension plan. As a result, the company had to record an additional minimum pension liability during the year totaling $50,000. The company reported unrealized holding losses on derivative instruments totaling $28,000.
Required:
Compute comprehensive income for HLL Group.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Treasury stock transactions On Jan 1, 2019, Metco Inc, reported 411,050 shares of $5 par value...
Treasury stock transactions On Jan 1, 2019, Metco Inc, reported 411,050 shares of $5 par value common stock as being issued and outstanding. On Mar 24, 2019, Metco Inc, purchased for its treasury 3,600 shares of its common stock at a price of $37 per share. On Aug 19, 2019, 1, 450 of these treasury shares were sold for $43 per share. Metco's directors declared cash dividends of $1.50 per share during the second quarter and again during the fourth...
Ringmeup Inc. had net income of $162,200 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $162,200 for the year ended December 31, 2019. At the beginning of the year, 38,000 shares of common stock were outstanding. On May 1, an additional 17,000 shares were issued. On December 1, the company purchased 4,300 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
Ringmeup Inc. had net income of $101,800 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $101,800 for the year ended December 31, 2019. At the beginning of the year, 44,000 shares of common stock were outstanding. On May 1, an additional 11,000 shares were issued. On December 1, the company purchased 4,100 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
The Massoud Consulting Group reported net income of $1,368,000 for its fiscal year ended December 31,...
The Massoud Consulting Group reported net income of $1,368,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $310,000 and an unrealized loss on debt securities of $70,000. The company’s effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2021. (Amount to be deducted...
Ringmeup Inc. had net income of $142,100 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $142,100 for the year ended December 31, 2019. At the beginning of the year, 36,000 shares of common stock were outstanding. On May 1, an additional 17,000 shares were issued. On December 1, the company purchased 4,900 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
Ringmeup Inc. had net income of $123,100 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $123,100 for the year ended December 31, 2019. At the beginning of the year, 43,000 shares of common stock were outstanding. On May 1, an additional 18,000 shares were issued. On December 1, the company purchased 4,200 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
Ringmeup Inc. had net income of $134,800 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $134,800 for the year ended December 31, 2019. At the beginning of the year, 40,000 shares of common stock were outstanding. On May 1, an additional 14,000 shares were issued. On December 1, the company purchased 4,800 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
For the fiscal year ended December 31, 2019, a company reported Net Income of $7,000,000. The...
For the fiscal year ended December 31, 2019, a company reported Net Income of $7,000,000. The Dillie company had 3,000,000 shares of $1 par value common stock outstanding all year. In addition, the company had $500,000 par value of 10% cumulative, non-convertible preferred stock outstanding all year. In December 2019, the company declared and paid a preferred dividend of $50,000, as well as a $0.10 per share dividend to common shareholders. Furthermore, on January 1, 2019 the company issued at...
How would i solve this? On January 2, 2019, All Good Company purchased 14,000 shares of...
How would i solve this? On January 2, 2019, All Good Company purchased 14,000 shares of the stock of Big Bad Company, and DID NOT obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $13 per share, and represents a 10% ownership stake. Big Bad Company made $350,000 of net income in 2019, and paid dividends to All Good Company of $10,000 on December 15, 2019. On December 31, 2019, Big Bad Company's...
For the fiscal year ending on December 31, 2019, 100Rock Inc. reported Net Income of $700,000...
For the fiscal year ending on December 31, 2019, 100Rock Inc. reported Net Income of $700,000 and basic earnings per share of $3.50. In addition, the company has 20,000 stock options outstanding all year that were previously granted to senior level managers. These stock options enable the option holders to purchase 20,000 shares of $1 par value common stock at the $15 strike price. The stock options are fully vested but were not exercised during the year. The company’s average...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT