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Corporation X reported the following information for 2019: Sales revenue.................................................................$1,530 Cost of goods sold........................................................... 1,050 Operating...

Corporation X reported the following information for 2019:
Sales revenue.................................................................$1,530
Cost of goods sold........................................................... 1,050
Operating expenses............................................................ 165
Foreign currency translation gain........................................ 120
Cash dividends received on securities owned by the corporation.....6
Preferred dividends paid to stockholders.............................. 25
Tax rate of 20%

What is comprehensive Income for 2019?

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Answer #1

Comprehensive income=Net income+Foreign currency translation gain

Net income=Income before tax-Income tax

Income before tax=Sales revenue-Cost of goods sold-Operating expense+Cash dividend received on securities owned by corporation

=$1,530-$1,050-$165+$6

Income before tax=$321

Tax=$321*20%

Tax=$64.2

Net income=$321-$64.2

Net income=$256.8

Comprehensive income=$256.8+$120

Comprehensive income=$376.8

Note: Preferred dividend is part of retained earnings and not included in comprehensive income

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