The following information relates to Flint Co. for the year ended December 31, 2017: net income...
The following information relates to Flint Co. for the year
ended December 31, 2017: net income 1,212 million; unrealized
holding loss of $11.8 million related to available-for-sale debt
securities during the year; accumulated other comprehensive income
of $55.2 million on December 31, 2016. Assuming no other changes in
accumulated other comprehensive income.
Determine (a) other comprehensive income for 2017, (b)
comprehensive income for 2017, and (c) accumulated other
comprehensive income at December 31, 2017. (Enter
answers in millions to 1 decimal place, e.g. 25.5. Enter loss using
either a negative sign preceding the number e.g. -45.2 or
parentheses e.g. (45.2).)
| (a) | Other comprehensive income(loss) for 2017 | $enter your answer in
millions of dollars rounded to 1 decimal place
|
million | ||
|---|---|---|---|---|---|
| (b) | Comprehensive income for 2017 | $enter your answer in
millions of dollars rounded to 1 decimal place
|
million | ||
| (c) | Accumulated other comprehensive income | $enter your answer in
millions of dollars rounded to 1 decimal place
|
million |
Homework Answers
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The following information relates to Flint Co. for the year
ended December 31, 2017: net income...
The following information relates to Flint Co. for the year ended December 31, 2017: net income...
The following information relates to Flint Co. for the year
ended December 31, 2017: net income 1,212 million; unrealized
holding loss of $11.8 million related to available-for-sale debt
securities during the year; accumulated other comprehensive income
of $55.2 million on December 31, 2016. Assuming no other changes in
accumulated other comprehensive income.
Determine (a) other comprehensive income for 2017, (b)
comprehensive income for 2017, and (c) accumulated other
comprehensive income at December 31, 2017. (Enter
answers in millions to 1...
The following information relates to Concord Co. for the year ended December 31, 2017: net income...
The following information relates to Concord Co. for the year
ended December 31, 2017: net income 1,231 million; unrealized
holding loss of $11.1 million related to available-for-sale debt
securities during the year; accumulated other comprehensive income
of $62 million on December 31, 2016. Assuming no other changes in
accumulated other comprehensive income.
Determine (a) other comprehensive income for 2017, (b)
comprehensive income for 2017, and (c) accumulated other
comprehensive income at December 31, 2017. (Enter
answers in millions to 1...
The following information relates to Blue Co. for the year ended December 31, 2020: net income...
The following information relates to Blue Co. for the year ended
December 31, 2020: net income $1,193 million; unrealized holding
loss of $11.6 million related to available-for-sale debt securities
during the year; accumulated other comprehensive income of $58
million on December 31, 2019. Assuming no other changes in
accumulated other comprehensive income.
Determine (a) other comprehensive income for 2020, (b)
comprehensive income for 2020, and (c) accumulated other
comprehensive income at December 31, 2020. (Enter
answers in millions to 1...
The following information relates to Oriole Co. for the year ended December 31, 2020: net income...
The following information relates to Oriole Co. for the year ended December 31, 2020: net income $1,180 million; unrealized holding loss of $9.9 million related to available-for-sale debt securities during the year; accumulated other comprehensive income of $55.2 million on December 31, 2019. Assuming no other changes in accumulated other comprehensive income. Determine (a) other comprehensive income for 2020, (b) comprehensive income for 2020, and (c) accumulated other comprehensive income at December 31, 2020. (Enter answers in millions to 1...
Question 15 At December 31, 2017, the available-for-sale debt portfolio for Flint, Inc. is as follows....
Question 15
At December 31, 2017, the available-for-sale debt portfolio for
Flint, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$175,875
$150,750
$(25,125
)
B
125,625
140,700
15,075
C
231,150
256,275
25,125
Total
$532,650
$547,725
15,075
Previous fair value adjustment balance—Dr.
4,020
Fair value adjustment—Dr.
$11,055
On January 20, 2018, Flint, Inc. sold security A for $151,755. The
sale proceeds are net of brokerage fees.
Flint Inc. reports net income in 2017 of $1,206,000 and in...
For the year ended December 31, 2017, ABC Inc. reported the following: Net income
For the year ended December 31, 2017, ABC Inc. reported the following: Net income $400,000 Common share dividend declared 20,000 Unrealized holding loss, net of tax 10,000 Retained earnings, beginning balance (unadjusted) 900,000 Common stock 200,000 Prior period adjustment (net of tax), Jan. 1, 2020 225,000 Accumulated Other Comprehensive Income, Beginning Balance 30,000 1) Prepare the statement of retained earnings for year ended december 31, 2017 2) Determine ABC Inc comprehensive income for the year ended december 31, 2017
For the year ended December 31, 2017, Transformers Inc. reported the following: Net income $300,000 Preferred...
For the year ended December 31, 2017, 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 400,000 Common stock 200,000 Accumulated Other Comprehensive Income, Beginning Balance 25,000 What would Transformers report as its ending balance of Accumulated Other Comprehensive Income? a. $30,000 b. $25,000 c. $20,000 d. $5,000
89. For the year ended December 31, 2017, Transformers Inc. reported the following: Net income
89. For the year ended December 31, 2017, 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 total stockholders' equity? a. $860,000 b. $840,000 c. $640,000 d. $600,000
Trayer Corporation has income from continuing operations of $325,000 for the year ended December 31, 2017....
Trayer Corporation has income from continuing operations of $325,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $70,900 on available for sale securities. Again of $23,200 on the discontinuance of a division (comprised of a $7,500 loss from operations and a $30,700 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....
At December 31, 2017, the available-for-sale debt portfolio for Sage, Inc. is as follows. Security Cost...
At December 31, 2017, the available-for-sale debt portfolio for
Sage, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$70,875
$60,750
$(10,125
)
B
50,625
56,700
6,075
C
93,150
103,275
10,125
Total
$214,650
$220,725
6,075
Previous fair value adjustment balance—Dr.
1,620
Fair value adjustment—Dr.
$4,455
On January 20, 2018, Sage, Inc. sold security A for $61,155. The
sale proceeds are net of brokerage fees.
Sage Inc. reports net income in 2017 of $486,000 and in 2018 of...
The following information relates to Flint Co. for the year
ended December 31, 2017: net income 1,212 million; unrealized
holding loss of $11.8 million related to available-for-sale debt
securities during the year; accumulated other comprehensive income
of $55.2 million on December 31, 2016. Assuming no other changes in
accumulated other comprehensive income.
Determine (a) other comprehensive income for 2017, (b)
comprehensive income for 2017, and (c) accumulated other
comprehensive income at December 31, 2017. (Enter
answers in millions to 1...
The following information relates to Concord Co. for the year
ended December 31, 2017: net income 1,231 million; unrealized
holding loss of $11.1 million related to available-for-sale debt
securities during the year; accumulated other comprehensive income
of $62 million on December 31, 2016. Assuming no other changes in
accumulated other comprehensive income.
Determine (a) other comprehensive income for 2017, (b)
comprehensive income for 2017, and (c) accumulated other
comprehensive income at December 31, 2017. (Enter
answers in millions to 1...
The following information relates to Blue Co. for the year ended
December 31, 2020: net income $1,193 million; unrealized holding
loss of $11.6 million related to available-for-sale debt securities
during the year; accumulated other comprehensive income of $58
million on December 31, 2019. Assuming no other changes in
accumulated other comprehensive income.
Determine (a) other comprehensive income for 2020, (b)
comprehensive income for 2020, and (c) accumulated other
comprehensive income at December 31, 2020. (Enter
answers in millions to 1...
The following information relates to Oriole Co. for the year ended December 31, 2020: net income $1,180 million; unrealized holding loss of $9.9 million related to available-for-sale debt securities during the year; accumulated other comprehensive income of $55.2 million on December 31, 2019. Assuming no other changes in accumulated other comprehensive income. Determine (a) other comprehensive income for 2020, (b) comprehensive income for 2020, and (c) accumulated other comprehensive income at December 31, 2020. (Enter answers in millions to 1...
Question 15
At December 31, 2017, the available-for-sale debt portfolio for
Flint, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$175,875
$150,750
$(25,125
)
B
125,625
140,700
15,075
C
231,150
256,275
25,125
Total
$532,650
$547,725
15,075
Previous fair value adjustment balance—Dr.
4,020
Fair value adjustment—Dr.
$11,055
On January 20, 2018, Flint, Inc. sold security A for $151,755. The
sale proceeds are net of brokerage fees.
Flint Inc. reports net income in 2017 of $1,206,000 and in...
Trayer Corporation has income from continuing operations of $325,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $70,900 on available for sale securities. Again of $23,200 on the discontinuance of a division (comprised of a $7,500 loss from operations and a $30,700 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....
At December 31, 2017, the available-for-sale debt portfolio for
Sage, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$70,875
$60,750
$(10,125
)
B
50,625
56,700
6,075
C
93,150
103,275
10,125
Total
$214,650
$220,725
6,075
Previous fair value adjustment balance—Dr.
1,620
Fair value adjustment—Dr.
$4,455
On January 20, 2018, Sage, Inc. sold security A for $61,155. The
sale proceeds are net of brokerage fees.
Sage Inc. reports net income in 2017 of $486,000 and in 2018 of...
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