Question
xxx reported the following for 2020: Net income (1,040,000) Unrealized loss on debt securities (net of...
xxx reported the following for 2020:
Net income (1,040,000)
Unrealized loss on debt securities (net of tax) (320,000)
Gain on projected benefit obligation (net of tax)(100,000)
This company will report a comprehensive income of
Homework Answers
Answer #1
Feedback is welcomed.
Not the answer you're looking for?
Similar Questions
Income before any of the following items is $500,000. (All numbers are net of taxes.) Unrealized...
Income before any of the following items is $500,000. (All
numbers are net of taxes.)
Unrealized gain on Trading Securities $200,000
Unrealized gain on Debt Available-for-sale Securities (OCI)
100,000
Realized loss on Discontinued Operations 400,000
Depreciation Expense of $300,000 was mistakenly omitted
five years ago--Prior Service Cost
What is Net Income?
Group of answer choices
$900,000
$600,000
$0
$300,000
$800,000
Metlock Corporation reported the following for 2020: net sales $1,236,500, cost of goods sold $729,000, selling...
Metlock Corporation reported the following for 2020: net sales
$1,236,500, cost of goods sold $729,000, selling and administrative
expenses $329,900, and an unrealized holding gain on
available-for-sale debt securities $20,700.
a) Prepare a statement of comprehensive income using the one
statement format. (Ignore income taxes and earnings per share.)
b) Prepare a statement of comprehensive income, using the two
statement format. (Ignore income taxes and earnings per
share.)
O'Reilly Beverage Company reported net income of $720,000 for 2021. In addition, the company deferred a...
O'Reilly Beverage Company reported net income of $720,000 for
2021. In addition, the company deferred a $90,000 pretax loss on
derivatives and had pretax net unrealized gains on debt securities
of $45,000. Prepare a separate statement of comprehensive income
for 2021. The company's income tax rate is 25%. (Amounts to be
deducted should be indicated with a minus sign.)
Bramble Corporation reported the following for 2020: net sales $1,222,800, cost of goods sold $734,300, selling...
Bramble Corporation reported the following for 2020: net sales
$1,222,800, cost of goods sold $734,300, selling and administrative
expenses $322,600, and an unrealized holding gain on
available-for-sale debt securities $16,000.
Prepare a statement of comprehensive income using the one
statement format. (Ignore income taxes and earnings per share.)
BRAMBLE CORPORATION
Statement of Comprehensive Income
choose the accounting period
...
For the year ended December 31, 2020, Transformers Inc. reported the following: Net income $300,000 Preferred...
For the year ended December 31, 2020, Transformers Inc. reported
the following: Net income $300,000 Preferred dividends declared
50,000 Common dividend declared 10,000 Unrealized holding loss, net
of tax 5,000 Retained earnings, beginning balance 400,000 Common
stock 200,000 Accumulated Other Comprehensive Income, Beginning
Balance 25,000 What would Transformers report as the ending balance
of Retained Earnings? Select one: a. $695,000 b. $645,000 c.
$665,000 d. $640,000
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...
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...
E17.9 (LO 1) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2020, the...
E17.9 (LO 1)
(Available-for-Sale Debt Securities Entries and Financial
Statement Presentation) At December 31, 2020, the
available-for-sale debt portfolio for Steffi Graf, Inc. is as
follows.
Security
Cost
Fair Value
Unrealized Gain (Loss)
A
$17,500
$15,000
($2,500)
B
12,500
14,000
1,500
C
23,000
25,500
2,500
Total
$53,000
$54,500
1,500
Previous fair value adjustment balance—Dr.
400
Fair value adjustment—Dr.
$1,100
E17.10 (LO 4)
(Comprehensive Income Disclosure) Assume the same
information as E17.9 and that Steffi Graf, Inc. reports net income
in...
The Flounder Corporation had income from continuing operations of $13 million in 2020. During 2020, it...
The Flounder Corporation had income from continuing operations
of $13 million in 2020. During 2020, it disposed of its restaurant
division at a loss of $82,000 (net of tax of $38,000). Before the
disposal, the division operated at a loss of $218,000 (net of tax
of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI
of $44,000 (net of tax of $18,000) related to its FV-OCI equity
investments. Flounder had 10 million common shares outstanding
during 2020.
Prepare a...
The following data pertain to Tyne Company’s investments in marketable equity securities. (Assume that all securities...
The following data pertain to Tyne Company’s investments in
marketable equity securities. (Assume that all securities were held
throughout 2019 and 2020.) Note that the new FASB guidance on
accounting for minority-passive investments is effective beginning
in 2018. Under the prior rules, Alpha was a trading security and
Beta was an available-for-sale security. Beta’s fair value at
12/31/17 was $135,000.
Fair value
Cost
12/31/20
12/31/19
Alpha Co.
$
150,000
$
155,000
$
100,000
Beta Co.
150,000
130,000
120,000
Required:
What...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 18 minutes ago
asked 21 minutes ago
asked 41 minutes ago
asked 46 minutes ago
asked 56 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago