Homework Answers
Solution:
| THE MASSOUD CONSULTING GROUP | ||
| Statement of comprehensive Income | ||
| For the year Ended December 31, 2021 | ||
| Net Income | 13,54,000 | |
| Other Comprehensive Income(loss) | ||
| Foreign currency translation gain, net of tax [240000 - (240000 *25%)] | 180000 | |
|
Unrealized losses on investment
securities Net of tax (80000 x 25%) - 80000 |
-60000 | |
| (180000- 60000) | 120000 | |
| Total other comprehensive income (1354000 + 120000) | 14,74,000 |
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E 4-11 Comprehensive income • L04-6 The Massoud Consulting Group reported net income of $1,354,000 for...
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 $1,366,000 for its fiscal year ended December 31, 2021. In addition during the year the company experienced a positive foreign currency translation adjustment of $300,000 and an unrealized loss on debt securities of $65,000. 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...
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...
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...
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...
Problem 4-8 (Algo) Multiple-step statement of income and comprehensive Income LO4-1, 4-3, 4-5, 4-6) Duke Company's...
Problem 4-8 (Algo) Multiple-step statement of income and comprehensive Income LO4-1, 4-3, 4-5, 4-6) Duke Company's records show the following account balances at December 31, 2020 Cost of good old Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are materiali amount 1 $440.000 in restructuring costs were incurred in connection with plant closings 2. Inventory costing $540,000 was written off as obsolete. Material losses of this type are considered to be...
Exercise 4-11 (Algo) Comprehensive income (L04-6] The Massoud Consulting Group reported net income of $1,366,000 for its fiscal year ended December 31, 2021. In addition during the year the company experienced a positive foreign currency translation adjustment of $300,000 and an unrealized loss on debt securities of $65,000. 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...
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...
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...
Problem 4-8 (Algo) Multiple-step statement of income and comprehensive Income LO4-1, 4-3, 4-5, 4-6) Duke Company's records show the following account balances at December 31, 2020 Cost of good old Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are materiali amount 1 $440.000 in restructuring costs were incurred in connection with plant closings 2. Inventory costing $540,000 was written off as obsolete. Material losses of this type are considered to be...
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