Homework Answers
| Answer: c) in a Statement of Changes in Stockholders' Equity |
Explanation:
Comprehensive income are divided into two parts namely comprehensive income and other comprehensive income. Comprehensive income is nothing but a net income that is generated from the ordinary business activities of the company. Other comprehensive income is the income that is not yet realized and does not form part of ordinary business activity of the company. Other comprehensive income is not reported in the income statement as it is not yet realized. Other comprehensive income is reported as accumulated other comprehensive income on balance sheet under stockholders' equity section and it is transferred to income statement once it is realized. Other comprehensive income may also be reported in a separate statement of comprehensive income or in a statement of earnings and comprehensive income. Examples of other comprehensive income are unrealized gains or losses from derivative instruments, foreign currency exchange gains or losses, pension or other retirement plan, unrealized gains or losses from available for sale securities etc.
All the best...
Add Answer to:
Question 17 (2 points) Which of the following is not an acceptable option of reporting other...
Which of the following is (are) not acceptable for displaying the components of other comprehensive income?...
Which of the following is (are) not acceptable for displaying the components of other comprehensive income? Two statement approach only. One statement approach only. Combined statement of retained earnings. Both one statement approach and two statement approach.
W U -212018_1&course_id=_92122_1&conten Question Completion Status: Neither 1 or 2 QUESTION 4 The results from a...
W U -212018_1&course_id=_92122_1&conten Question Completion Status: Neither 1 or 2 QUESTION 4 The results from a translation are shown as other comprehensive income. Which of the following is the acceptable way to show other comprehensive income in the period it occurs? Include it on the income statement as a separate category under net income. Prepare a separate income statement showing other comprehensive income. Show in directly in the Statement of Changes in Stockholder's Equity All of the above are acceptable...
Question 43 (2 points) Select the correct order for the following items appearing in an income...
Question 43 (2 points) Select the correct order for the following items appearing in an income statement prepared accounting to US Generally Accepted Accounting Principles: 1) Income from Continuing Operations 2) Discontinued Operations 3) Prior period adjustments 4) Taxes on income from continuing operations 5) Dividends 6) Net income 7) Revenues 8) Expenses Question 44 (2 points) Which of the following, if any, should be presented net of tax AND with its own separate Earning per Share disclosure: Net Operating...
Question 2 (7 points) Saved Access Corporation reported the following amounts si its December 31, 2019...
Question 2 (7 points) Saved Access Corporation reported the following amounts si its December 31, 2019 year-end: Sales $10,000,000 Income from continuing operations 3,500,000 Discontinued operations (gain) 750,000 Dividends declared 165,000 Net income 985,000 Issuance of common shares 410,000 Unrealized gain (loss) on fair value • OCI Investments (135,000) Equity balances for Access Corporation on January 1, 2019 were as follows: Common shares $560,000 423,000 Accumulated other comprehensive income Retained earnings 275,000 Required: Prepare in good form a statement of...
9. Refer to the following fact pattern: Star Corporation had a realized foreign exchange loss of $11,000 for the...
9. Refer to the following fact pattern: Star Corporation had a realized foreign exchange loss of $11,000 for the year (on the collection of its accounts receivable from a foreign customer). Star had a $7,000 credit resulting from the translation to dollars of the accounts of its wholly-owned foreign subsidiary for the year. Star had an account payable to an unrelated foreign supplier to be paid in the supplier's local currency. The dollar equivalent of the payable was $60,000 on...
2 points Question 1.24 The valuation allowance for trading investments account is found on the o...
2 points Question 1.24 The valuation allowance for trading investments account is found on the o income statement as other revenve (expense) balance sheet as an adjustment to the asset account o statement of retained eamings O balance sheet as an adustment to stockholders' equity 2 points Question 1.25 Trading securities are reported at fair value on the balance sheet and as unrealized gains or losses on the income statement o not reported on the balance sheet reported as unrealized...
Which of the following describes how comprehensive income should be reported? 1) Must be reported in...
Which of the following describes how comprehensive income should be reported? 1) Must be reported in a separate statement, as part of a complete set of financial statements 2) Should not be reported in the financial statements but should only be disclosed in the footnotes 3) May be reported in a separate statement or in a combined statement of income and comprehensive income 4) May be reported in a combined statement of income and comprehensive income or disclosed within a...
Which of the following accounts is not reported on the statement of changes in equity under IFRS? Select one: a. Di...
Which of the following accounts is not reported on the statement of changes in equity under IFRS? Select one: a. Dividends payable b. Accumulated other comprehensive income C. Preferred shares d. Retained earnings
10. The functional currency of Phall Inc.'s subsidiary is the Euro Phall borrowed Euros AS A...
10. The functional currency of Phall Inc.'s subsidiary is the Euro Phall borrowed Euros AS A partial hedge against its investment in the foreign subsidiary. In preparing its consolidated financial statements, Phall's debit balance or its translation adjustment exceeded its Rain on its hedge on the borrowing. How should the translation adjustment and the gain on its hedge be reported on the consolidated financial statements? a. The translation adjustment should be netted against the hedge gain and reported on its...
Question 47 (2 points) Which of the following would commonly appear as a component (an item)...
Question 47 (2 points) Which of the following would commonly appear as a component (an item) of OTHER COMPREHENSIVE INCOME Accrued vacation pay Changes in the market value of inventory Changes in the currency translation amounts related to foreign subsidiaries The unrealized gain or loss on trading securities
W U -212018_1&course_id=_92122_1&conten Question Completion Status: Neither 1 or 2 QUESTION 4 The results from a translation are shown as other comprehensive income. Which of the following is the acceptable way to show other comprehensive income in the period it occurs? Include it on the income statement as a separate category under net income. Prepare a separate income statement showing other comprehensive income. Show in directly in the Statement of Changes in Stockholder's Equity All of the above are acceptable...
Question 43 (2 points) Select the correct order for the following items appearing in an income statement prepared accounting to US Generally Accepted Accounting Principles: 1) Income from Continuing Operations 2) Discontinued Operations 3) Prior period adjustments 4) Taxes on income from continuing operations 5) Dividends 6) Net income 7) Revenues 8) Expenses Question 44 (2 points) Which of the following, if any, should be presented net of tax AND with its own separate Earning per Share disclosure: Net Operating...
Question 2 (7 points) Saved Access Corporation reported the following amounts si its December 31, 2019 year-end: Sales $10,000,000 Income from continuing operations 3,500,000 Discontinued operations (gain) 750,000 Dividends declared 165,000 Net income 985,000 Issuance of common shares 410,000 Unrealized gain (loss) on fair value • OCI Investments (135,000) Equity balances for Access Corporation on January 1, 2019 were as follows: Common shares $560,000 423,000 Accumulated other comprehensive income Retained earnings 275,000 Required: Prepare in good form a statement of...
9. Refer to the following fact pattern: Star Corporation had a realized foreign exchange loss of $11,000 for the year (on the collection of its accounts receivable from a foreign customer). Star had a $7,000 credit resulting from the translation to dollars of the accounts of its wholly-owned foreign subsidiary for the year. Star had an account payable to an unrelated foreign supplier to be paid in the supplier's local currency. The dollar equivalent of the payable was $60,000 on...
2 points Question 1.24 The valuation allowance for trading investments account is found on the o income statement as other revenve (expense) balance sheet as an adjustment to the asset account o statement of retained eamings O balance sheet as an adustment to stockholders' equity 2 points Question 1.25 Trading securities are reported at fair value on the balance sheet and as unrealized gains or losses on the income statement o not reported on the balance sheet reported as unrealized...
Which of the following accounts is not reported on the statement of changes in equity under IFRS? Select one: a. Dividends payable b. Accumulated other comprehensive income C. Preferred shares d. Retained earnings
10. The functional currency of Phall Inc.'s subsidiary is the Euro Phall borrowed Euros AS A partial hedge against its investment in the foreign subsidiary. In preparing its consolidated financial statements, Phall's debit balance or its translation adjustment exceeded its Rain on its hedge on the borrowing. How should the translation adjustment and the gain on its hedge be reported on the consolidated financial statements? a. The translation adjustment should be netted against the hedge gain and reported on its...
Question 47 (2 points) Which of the following would commonly appear as a component (an item) of OTHER COMPREHENSIVE INCOME Accrued vacation pay Changes in the market value of inventory Changes in the currency translation amounts related to foreign subsidiaries The unrealized gain or loss on trading securities
Most questions answered within 3 hours.
-
(CO 2) A field can be added to a report to
values for two or more...
asked 1 hour ago -
Identify 3 research scenarios that might provide a low,
medium, and high degree of variability in...
asked 2 hours ago -
how
does gravity affect the trajectory of projectile? what would be the
shape of the trajactory...
asked 2 hours ago -
Two small plastic spheres are given positive electrical charges.
When they are a distance of 15.4...
asked 2 hours ago -
An acidic solution containing gold ions is
electrolyzed, producing gaseous oxygen (from water) at the anode...
asked 3 hours ago -
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 4 hours ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 4 hours ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 5 hours ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 5 hours ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 5 hours ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 5 hours ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 5 hours ago