Question

Beverage Company reported net income of $600,000 for 2019.The company deferred a $60,000 pretax loss on...

Beverage Company reported net income of $600,000 for 2019.The company deferred a $60,000 pretax loss on derivative; Had pretax net unrealized holding gains on investment securities of $40,000. Tax rate is 40%.
What is the comprehensive income for 2019 for Beverage company?

Group of answer choices

$588,000

$612,000

-$20,000

$580,000

Feb Company has the following items: common stock, $1,700,000; preferred stock, $1,000,000, treasury stock, $200,000; Bonds payable, $250,000 and retained earnings, $800,000. What total amount should Houghton Company report as stockholders’ equity?

Group of answer choices

$3,005,000

$2.500,000

$3,250,000.

$3,300,000

Business   Accounting   
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Homework Answers

Answer #1

Answer- The comprehensive income for 2019 for Beverage company is = $588000.

Explanation-

BEVERAGE COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2019
PARTICULARS AMOUNT AMOUNT
$ $
Net Income 600000
Other comprehensive income (loss):
Deferred gain (loss) on derivatives, net of tax -36000
Unrealized gains (losses) on investment securities, net of tax 24000
Total other comprehensive income (loss) -12000
Comprehensive income (loss) 588000

Answer- The total amount should Houghton Company report as stockholders’ equity = Common stock+ Preferred stock+ Retained earnings-Treasury stock

= $1700000+$1000000+$800000-$200000

= $3300000

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