Homework Answers
The correct answer is $120,200.
Supporting explanations:
Other comprehensive income is the income that is not part of net income so it is not shown in the income statement and also income that is not realized till the period it is reported or shown in the below line of the income statement.
Unrealized holding gain is one of the type of other comprehensive incomes, therefore, it is treated as other comprehensive income.
Hence, the correct answer is $120,200.
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Wildhorse Co. reported the following information for 2020: Sales revenue Cost of goods sold Operating expenses...
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...
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.
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.
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.
Nash Co. reports the following information for 2020: sales revenue $780,100,cost of goods sold $514,200, operating...
Nash Co. reports the following information for 2020: sales revenue $780,100,cost of goods sold $514,200, operating expenses $86,500, and an unrealized holding loss on available-for-sale debt securities for 2020 of $55,800. It declared and paid a cash dividend of $12,750 in 2020. Nash Co. has January 1, 2020, balances in common stock $361,000; accumulated other comprehensive income $88,900, and retained earnings $92,560. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders' equity. NASH CO. Statement...
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....
Windsor Co. reports the following information for 2020: sales revenue $769,800, cost of goods sold $503,700,...
Windsor Co. reports the following information for 2020: sales revenue $769,800, cost of goods sold $503,700, operating expenses $82,700, and an unrealized holding loss on available-for-sale debt securities for 2020 of $57,700. It declared and paid a cash dividend of $11,690 in 2020. Windsor Co. has January 1, 2020, balances in common stock $353,400; accumulated other comprehensive income $81,000; and retained earnings $93,870. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders’ equity.
Oriole Co. reports the following information for 2020: sales revenue $778,900, cost of goods sold $515,500,...
Oriole Co. reports the following information for 2020: sales revenue $778,900, cost of goods sold $515,500, operating expenses $89,100, and an unrealized holding loss on available-for-sale debt securities for 2020 of $58,700. It declared and paid a cash dividend of $12,690 in 2020. Oriole Co. has January 1, 2020, balances in common stock $355,000; accumulated other comprehensive income $84,300; and retained earnings $92,170. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders' equity. ORIOLE CO....
Blossom Co. reports the following information for 2020: sales revenue $751,300, cost of goods sold $529,700,...
Blossom Co. reports the following information for 2020: sales revenue $751,300, cost of goods sold $529,700, operating expenses $82,200, and an unrealized holding loss on available-for-sale debt securities for 2020 of $59,200. It declared and paid a cash dividend of $11,080 in 2020. Blossom Co. has January 1, 2020, balances in common stock $353,600; accumulated other comprehensive income $89,000; and retained earnings $91,130. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders' equity. BLOSSOM CO....
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...
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.
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.
Nash Co. reports the following information for 2020: sales revenue $780,100,cost of goods sold $514,200, operating expenses $86,500, and an unrealized holding loss on available-for-sale debt securities for 2020 of $55,800. It declared and paid a cash dividend of $12,750 in 2020. Nash Co. has January 1, 2020, balances in common stock $361,000; accumulated other comprehensive income $88,900, and retained earnings $92,560. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders' equity. NASH CO. Statement...
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....
Oriole Co. reports the following information for 2020: sales revenue $778,900, cost of goods sold $515,500, operating expenses $89,100, and an unrealized holding loss on available-for-sale debt securities for 2020 of $58,700. It declared and paid a cash dividend of $12,690 in 2020. Oriole Co. has January 1, 2020, balances in common stock $355,000; accumulated other comprehensive income $84,300; and retained earnings $92,170. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders' equity. ORIOLE CO....
Blossom Co. reports the following information for 2020: sales revenue $751,300, cost of goods sold $529,700, operating expenses $82,200, and an unrealized holding loss on available-for-sale debt securities for 2020 of $59,200. It declared and paid a cash dividend of $11,080 in 2020. Blossom Co. has January 1, 2020, balances in common stock $353,600; accumulated other comprehensive income $89,000; and retained earnings $91,130. It issued no stock during 2020. (Ignore income taxes.) Prepare a statement of stockholders' equity. BLOSSOM CO....
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