Question

Blow is data from Trial balance of Alice company for year ended December 31, 2018: Sales...

Blow is data from Trial balance of Alice company for year ended December 31, 2018:
Sales revenue = $300,000
Cost of goods sold = $180,000
Selling expense = $90,000
Interest income = $80,000
Other expense = $20,000
Gain on derivatives = $50,000
Gain on investment securities = 23,000
investment securities are unrealized and classified as other comprehensive income, and all other comprehensive income should be calculated net of tax, and income tax of all item is 20%.

1. Please calculate the operating income
2. Please calculate the Gain on investment securities
3. Please calculate the comprehensive income
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
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts: Account Title Debits Credits Sales revenue 2,560,000 Cost of goods sold 1,520,000 Selling and administrative expenses 438,000 Interest expense 52,000 Unrealized holding gains on investment securities 92,000 The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 40%. 1.2 million shares of common stock were outstanding throughout 2018. Required: Prepare a single, continuous...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2016,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2016, included the following income accounts:   Account Title Debits Credits   Sales revenue 2,640,000   Cost of goods sold 1,560,000     Selling and administrative expenses 434,000     Interest expense 56,000     Unrealized holding gains on investment securities 96,000 The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 40%. 1.6 million shares of common stock were outstanding throughout 2016. Required: Prepare a single, continuous...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2016,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2016, included the following income accounts:   Account Title Debits Credits   Sales revenue 2,500,000   Cost of goods sold 1,490,000     Selling and administrative expenses 421,000     Interest expense 49,000     Unrealized holding gains on investment securities 89,000 The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 30%. 1.5 million shares of common stock were outstanding throughout 2016. Required: Prepare a single, continuous...
Partial Trial Balance for the Year Ended December 31, 2018 Sales revenue $1,800,000 Interest revenue (Not...
Partial Trial Balance for the Year Ended December 31, 2018 Sales revenue $1,800,000 Interest revenue (Not part of operations)        80,000 Realized gain on sale of Equipment        50,000 Cost of goods sold 1,100,000 Selling and administrative expenses     220,000 Loss on Discontinued Operations     100,000 Shivers and Shivers had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 20%. Net Income for the Year Ended December 31,...
For the year ended December 31, 2018, Transformers Inc. reported the following: Net income   $180,000 Preferred...
For the year ended December 31, 2018, Transformers Inc. reported the following: Net income   $180,000 Preferred dividends declared 30,000 Common dividend declared 6,000 Unrealized holding gain on available-for-sale securities, net of tax 3,000 Retained earnings, beginning balance 240,000 Common stock     120,000 Accumulated Other Comprehensive Income, Beginning Balance 15,000 The balance of Accumulated Other Comprehensive Income that is reported on the balance sheet on December 31, 2018: Select one: a. $192,000 b. $18,000 c. None of the available choices d. $12,000
Lunar Eclipse Inc. follows IFRS and has the following amounts for the year ended December 31,...
Lunar Eclipse Inc. follows IFRS and has the following amounts for the year ended December 31, 2018: gain on sale of FV-NI investments (before tax), $15,000; loss from operation of discontinued division (net of tax), $42,000; income from operations (before tax), $220,000; unrealized holding gain-OCI (net of tax), $12,000; income tax on income from continuing operations, $63,000; loss from disposal of discontinued division (net of tax), $75,000. The unrealized holding gain-OCI relates to investments that are not quoted in an...
Use this information to answer the following questions: the trial balance of Kroeger Inc. included the...
Use this information to answer the following questions: the trial balance of Kroeger Inc. included the following accounts as of December 31, 2021 debits credits sales revenue 8,200,000 Interest revenue 60,000 Gain on sale of investments 120,000 Gain on debt securities 140,000 Loss on projected benefit obligation 160,000 Cost of goods sold 6,100,000 Selling expense 600,000 Goodwill impairment loss 500,000 Interest expense 30,000 General and administrative expense 500,000 The gain on debt securities represents the increase in the fair value...
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...
Selected accounts from GermX Co.’s adjusted trial balance for the year ended December 31 follow. Trading...
Selected accounts from GermX Co.’s adjusted trial balance for the year ended December 31 follow. Trading securities (at cost) $ 5,000 Cash $ 10,000 Short-term stock investments (at cost) 23,000 Fair value adjustment—stock (1,000 ) Equity method investments 70,000 Accounts receivable 2,000 Held-to-maturity securities (long-term) 13,000 Fair value adjustment—trading 500 Prepare the assets section of a classified balance sheet. Hint: Fair Value Adjustment—Trading increases trading securities; Fair Value Adjustment—Stock decreases stock investments. (Amounts deducted should be indicated by a minus...
Trayer Corporation has income from continuing operations of $430,000 for the year ended December 31, 2017....
Trayer Corporation has income from continuing operations of $430,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $85,400 on available-for-sale securities. 2. A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain on disposal). 3. A correction of an error in last year’s financial statements that resulted in a $20,000 understatement of 2016 net income....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT