Homework Answers
Answer:
a. Other Comprehensive Income = $(9.9)
Million (Unrealized Holding Loss)
b. Comprehensive Income = $1180 Million (Net
Income) - $9.9 Million (Unrealized Holding Loss)
Comprehensive Income = $1,170.1 Million
c. Accumulated other Comprehensive Income = $55.2
Milllion - $9.9 Million
Accumulated other Comprehensive Income =$45.3
Million
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The following information relates to Oriole 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...
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 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 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...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. Security Cost...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total holding...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. 100 Security...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. 100 Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 Dr. Fair value adjustment-Dr. $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total...
Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2020....
Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $78,000 on available-for-sale securities. 2. A gain of $26,000 on the discontinuance of a division (comprised of a $14,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income, beginning with...
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020....
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $82,000 on available-for-sale securities. Again of $31,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $46,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income...
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020....
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $82,000 on available-for-sale securities. Again of $31,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $46,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income...
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020....
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available for sale securities. 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive 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 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 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...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total holding...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. 100 Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 Dr. Fair value adjustment-Dr. $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total...
Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $78,000 on available-for-sale securities. 2. A gain of $26,000 on the discontinuance of a division (comprised of a $14,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income, beginning with...
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $82,000 on available-for-sale securities. Again of $31,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $46,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income...
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $82,000 on available-for-sale securities. Again of $31,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $46,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income...
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available for sale securities. 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income,...
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