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Answer-
| THE MASSOUD CONSULTING GROUP | ||
| STATEMENT OF COMPREHENSIVE INCOME | ||
| FOR THE YEAR ENDED DECEMBER 31,2021 | ||
| PARTICULARS | AMOUNT | AMOUNT |
| $ | $ | |
| Net Income | 1366000 | |
| Add- Other comprehensive income, net of tax | ||
| Foreign currency translation adjustment, net of tax | 300000*(1-.25) =225000 | |
| Loss on debt securities, net of tax | 58000*(1-.25) =43500 | |
| Total other comprehensive income | 181500 | |
| Comprehensive income | 1547500 |
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Exercise 4-11 (Algo) Comprehensive income (L04-6] The Massoud Consulting Group reported net income of $1,366,000 for...
Exercise 4-11 (Algo) Comprehensive income (L04-6] The Massoud Consulting Group reported net income of $1,386,000 for...
Exercise 4-11 (Algo) Comprehensive income (L04-6] The Massoud Consulting Group reported net income of $1,386,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $400,000 and an unrealized loss on debt securities of $55,000. 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...
E 4-11 Comprehensive income • L04-6 The Massoud Consulting Group reported net income of $1,354,000 for...
E 4-11 Comprehensive income • L04-6 The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $240,000 and an unrealized loss on debt securities of $80,000. The company's effective tax rate on all items affecting com- prehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive...
The Massoud Consulting Group reported net income of $1,378,000 for its fiscal year ended December 31,...
The Massoud Consulting Group reported net income of $1,378,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $360,000 and an unrealized loss on debt securities of $95,000. 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...
The Massoud Consulting Group reported net income of $1,394,000 for its fiscal year ended December 31,...
The Massoud Consulting Group reported net income of $1,394,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $440,000 and an unrealized loss on debt securities of $75,000. 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...
The Massoud Consulting Group reported net income of $1,388,000 for its fiscal year ended December 31,...
The Massoud Consulting Group reported net income of $1,388,000 for its fiscal year ended December 31, 2021. In addition during the year the company experienced a positive foreign currency translation adjustment of $410,000 and an unrealized loss on debt securities of $60,000. 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...
The Massoud Consulting Group reported net income of $1,364,000 for its fiscal year ended December 31,...
The Massoud Consulting Group reported net income of $1,364,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $290,000 and an unrealized loss on debt securities of $60,000. 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...
he Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31,...
he Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 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...
Saved Help Week 3: Homework Submit Save & Exit Check my work 4 The Massoud Consulting...
Saved Help Week 3: Homework Submit Save & Exit Check my work 4 The Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 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. 5...
The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31,...
The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2018. In addition, during the year the company experienced a positive foreign currency translation adjustment of $240,000 and had unrealized losses on investment securities of $80,000. The company’s effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2018. (Amounts to be deducted...
Exercise 4-4 (Algo) Multiple-step continuous statement of comprehensive income (L04-1, 4-5, 4-6] The trial balance for...
Exercise 4-4 (Algo) Multiple-step continuous statement of comprehensive income (L04-1, 4-5, 4-6] The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits Credits 2,540,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,510,000 439,000 51,000 91,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income...
Exercise 4-11 (Algo) Comprehensive income (L04-6] The Massoud Consulting Group reported net income of $1,386,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $400,000 and an unrealized loss on debt securities of $55,000. 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...
E 4-11 Comprehensive income • L04-6 The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $240,000 and an unrealized loss on debt securities of $80,000. The company's effective tax rate on all items affecting com- prehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive...
The Massoud Consulting Group reported net income of $1,378,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $360,000 and an unrealized loss on debt securities of $95,000. 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...
The Massoud Consulting Group reported net income of $1,394,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $440,000 and an unrealized loss on debt securities of $75,000. 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...
The Massoud Consulting Group reported net income of $1,388,000 for its fiscal year ended December 31, 2021. In addition during the year the company experienced a positive foreign currency translation adjustment of $410,000 and an unrealized loss on debt securities of $60,000. 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...
The Massoud Consulting Group reported net income of $1,364,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $290,000 and an unrealized loss on debt securities of $60,000. 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...
Saved Help Week 3: Homework Submit Save & Exit Check my work 4 The Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 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. 5...
Exercise 4-4 (Algo) Multiple-step continuous statement of comprehensive income (L04-1, 4-5, 4-6] The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits Credits 2,540,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,510,000 439,000 51,000 91,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income...
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