Testbank Multiple Choice Question 85 Crane Company reported the following information for 2020: Sales revenue $2043000...
Testbank Multiple Choice Question 85
Crane Company reported the following information for
2020:
| Sales revenue | $2043000 |
| Cost of goods sold | 1411000 |
| Operating expenses | 228000 |
| Unrealized holding gain on available-for-sale securities | 118000 |
| Cash dividends received on the securities | 7500 |
For 2020, Crane would report other comprehensive income of
|
a. |
$118000. |
|
b. |
$411500. |
|
c. |
$404000. |
|
d. |
$125500. |
Homework Answers
in above case, only Unrealized holding gain on available-for-sale securities is other comprehensive income item. all others will report under comprehensive income statement
so answer will be:a. $118000.
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Testbank Multiple Choice Question 85
Crane Company reported the following information for
2020:
Sales revenue
$2043000...
Wildhorse Co. reported the following information for 2020: Sales revenue Cost of goods sold Operating expenses...
Wildhorse Co. reported the following information for 2020: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale securities Cash dividends received on the securities $2038000 1410000 220000 120200 8800 For 2020, Wildhorse would report other comprehensive income of O $129000. O $416800. O $408000. O $120200
Blossom Company reported the following information for 2017: Sales revenue $2530000 Cost of goods sold 1747000...
Blossom Company reported the following information for 2017: Sales revenue $2530000 Cost of goods sold 1747000 Operating expenses 275000 Unrealized holding gain on available-for-sale securities 84800 Cash dividends received on the securities 10200 For 2017, Blossom would report comprehensive income of A)$592800. B)$603000. C)$518200. D)$84800.
18. Korte Company reported the following information for 2015: Sales revenue Cost of goods sold Operating...
18. Korte Company reported the following information for 2015: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale securities Cash dividends received on the securities $500,000 350,00O 55,000 25,000 2,000 For 2015, Korte would report comprehensive income of A. $122,000. B. $120,o00. C. $97,0oo. D. $25,0oo.
1-Cullumber Company reported the following information for 2020: Sales revenue $2055000 Cost of goods sold 1407000...
1-Cullumber Company reported the following information for
2020:
Sales revenue
$2055000
Cost of goods sold
1407000
Operating expenses
230000
Unrealized holding gain on
available-for-sale securities
121600
Cash dividends received on the
securities
8400
For 2020, Cullumber would report other comprehensive income
of
$418000.
$130000.
$121600.
$426400.
2-Wildhorse Co. reports the following information:
Correction of overstatement of
depreciation expense
in prior years,
net of tax
$ 643000
Dividends declared
482000
Net income
1504000
Retained earnings, 1/1/20, as
reported
5830000
Wildhorse should...
E4.15 (LO 2,5) (Comprehensive Income) Roxanne Carter Corporation reported the following for 2020: net sales $1,200,000,...
E4.15 (LO 2,5) (Comprehensive Income) Roxanne Carter Corporation reported the following for 2020: net sales $1,200,000, cost of goods sold $750,000, selling and administrative expenses $320,000, and an unrealized holding gain on available-for-sale debt securities $18,000. Instructions Prepare a statement of comprehensive income, using (a) the one statement format, and (b) the two statement format. (Ignore income taxes and earnings per share.) E4.16 (LO 5) (Comprehensive Income) C. Reither Co. reports the following information for 2020: sales revenue $700,000, cost...
Question 5 of 6 < > -/1 View Policies Current Attempt in Progress Crane Corporation reported...
Question 5 of 6 < > -/1 View Policies Current Attempt in Progress Crane Corporation reported the following for 2020: net sales $1.227,100, cost of goods sold $725,600, selling and administrative expenses $330,700, and an unrealized holding gain on available-for-sale debt securities $22.000. (a) Prepare a statement of comprehensive income using the one statement format. (ignore income taxes and earnings per share.) CRANE CORPORATION Statement of Comprehensive Income
Wildhorse Corporation reported the following for 2020: net sales $1,244,400, cost of goods sold $739,000, selling...
Wildhorse Corporation reported the following for 2020: net sales
$1,244,400, cost of goods sold $739,000, selling and administrative
expenses $339,400, and an unrealized holding gain on
available-for-sale debt securities $18,800.
Prepare a statement of comprehensive income using the one
statement format.
Prepare a statement of comprehensive income, using the two
statement format.
Whispering Co. reports the following information for 2020: sales revenue $767,200, cost of goods sold $503,000,...
Whispering Co. reports the following information for 2020: sales revenue $767,200, cost of goods sold $503,000, operating expenses $87,800, and an unrealized holding loss on available-for-sale debt securities for 2020 of $59,600. It declared and paid a cash dividend of $14.450 in 2020. Whispering Co. has January 1, 2020, balances in common stock $362,300; accumulated other comprehensive income $87,600; and retained earnings $91,850. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders' equity. WHISPERING CO....
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.) METLOCK CORPORATION Statement of Comprehensive Income $ $
Question 4 View Policies Current Attempt in Progress On January 1, 2020, Crane Inc. had cash...
Question 4 View Policies Current Attempt in Progress On January 1, 2020, Crane Inc. had cash and common stock of $64,990. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $23,670 of debt securities that it classified as available for sale. It received interest of $3,510 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $6,380 net of tax....
Wildhorse Co. reported the following information for 2020: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale securities Cash dividends received on the securities $2038000 1410000 220000 120200 8800 For 2020, Wildhorse would report other comprehensive income of O $129000. O $416800. O $408000. O $120200
18. Korte Company reported the following information for 2015: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale securities Cash dividends received on the securities $500,000 350,00O 55,000 25,000 2,000 For 2015, Korte would report comprehensive income of A. $122,000. B. $120,o00. C. $97,0oo. D. $25,0oo.
1-Cullumber Company reported the following information for
2020:
Sales revenue
$2055000
Cost of goods sold
1407000
Operating expenses
230000
Unrealized holding gain on
available-for-sale securities
121600
Cash dividends received on the
securities
8400
For 2020, Cullumber would report other comprehensive income
of
$418000.
$130000.
$121600.
$426400.
2-Wildhorse Co. reports the following information:
Correction of overstatement of
depreciation expense
in prior years,
net of tax
$ 643000
Dividends declared
482000
Net income
1504000
Retained earnings, 1/1/20, as
reported
5830000
Wildhorse should...
E4.15 (LO 2,5) (Comprehensive Income) Roxanne Carter Corporation reported the following for 2020: net sales $1,200,000, cost of goods sold $750,000, selling and administrative expenses $320,000, and an unrealized holding gain on available-for-sale debt securities $18,000. Instructions Prepare a statement of comprehensive income, using (a) the one statement format, and (b) the two statement format. (Ignore income taxes and earnings per share.) E4.16 (LO 5) (Comprehensive Income) C. Reither Co. reports the following information for 2020: sales revenue $700,000, cost...
Question 5 of 6 < > -/1 View Policies Current Attempt in Progress Crane Corporation reported the following for 2020: net sales $1.227,100, cost of goods sold $725,600, selling and administrative expenses $330,700, and an unrealized holding gain on available-for-sale debt securities $22.000. (a) Prepare a statement of comprehensive income using the one statement format. (ignore income taxes and earnings per share.) CRANE CORPORATION Statement of Comprehensive Income
Wildhorse Corporation reported the following for 2020: net sales
$1,244,400, cost of goods sold $739,000, selling and administrative
expenses $339,400, and an unrealized holding gain on
available-for-sale debt securities $18,800.
Prepare a statement of comprehensive income using the one
statement format.
Prepare a statement of comprehensive income, using the two
statement format.
Whispering Co. reports the following information for 2020: sales revenue $767,200, cost of goods sold $503,000, operating expenses $87,800, and an unrealized holding loss on available-for-sale debt securities for 2020 of $59,600. It declared and paid a cash dividend of $14.450 in 2020. Whispering Co. has January 1, 2020, balances in common stock $362,300; accumulated other comprehensive income $87,600; and retained earnings $91,850. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders' equity. WHISPERING CO....
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.) METLOCK CORPORATION Statement of Comprehensive Income $ $
Question 4 View Policies Current Attempt in Progress On January 1, 2020, Crane Inc. had cash and common stock of $64,990. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $23,670 of debt securities that it classified as available for sale. It received interest of $3,510 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $6,380 net of tax....
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