Question 4 Company XYZ had the following information during the year: 1. Sales revenue of $500,000....
Question 4
Company XYZ had the following information during the year:
1. Sales revenue of $500,000.
2. Cost of goods sold of $38,000.
3. Operating expenses of $85,200.
4. Unrealized holding gain from available-for-sale securities of $12,500.
5. Foreign currency translation losses of $2,210.
6. Cash holdings of $101,150.
7. Beginning retained earnings of $21,000.
8. Beginning accumulated other comprehensive income of $32,000.
Compute (1) net income, (2) other comprehensive income, (3) comprehensive income, and (4) accumulated other comprehensive income.
Homework Answers
1) Net income
| Sales revenue | 500000 |
| Cost of goods sold | -38000 |
| Operating expense | -85200 |
| Net income | 376800 |
2) Other comprehensive income
| Unrealized holding gain from available-for-sale securities | 12500 |
| Foreign currency translation losses | -2210 |
| Other comprehensive income | 10290 |
3) Comprehensive income = Net income+Other comprehensive income = 376800+10290 = 387090
4) Accumulated other comprehensive income = 32000+10290 = 42290
Add Answer to:
Question 4
Company XYZ had the following information during the year:
1. Sales revenue of $500,000....
Which of the following is included in other comprehensive income? 1) Unrealized holding gains and losses...
Which of the following is included in other comprehensive income? 1) Unrealized holding gains and losses on equity securities carried at fair value 2) Unrealized holding gains and losses that result from a debt security being transferred into the trading category from the held-to-maturity category 3)Foreign currency translation adjustments 4) The difference between the accumulated benefit obligation and the fair value of pension plan assets
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.
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....
1.- Chihuahuas Inc. reported the following before-tax items during the current year: Sales revenue $3,000 Selling...
1.- Chihuahuas Inc. reported the following before-tax items during the current year: Sales revenue $3,000 Selling and administrative expenses 1,250 Foreign currency translation gain 300 Gain on discontinued operations 250 Interest expense 200 Chihuahuas’ effective tax rate is 35%. What is Chihuahuas’ income from continuing operations after income taxes (rounded)? 2.- The Payne Corporation reported net income of $4,500,000 for the fiscal year ended December 31, 2018. Preferred stock dividends declared during the year were $450,000. Payne had 9 million...
XYZ Company has the following income statement items for the year ended December 31, 2018. Prepare a multi-step comprehensive income statement for XYZ Company (remember to provide headings for subtota...
XYZ Company has the following income statement items for the year ended December 31, 2018. Prepare a multi-step comprehensive income statement for XYZ Company (remember to provide headings for subtotals) Revenues from selling office products (60% of total revenues) Selling, general, and administrative expenses Revenues from renting office space (40% of total revenues) Loss from litigation settlement with a former employee Write-off of goodwill Foreign currency translation adjustment Loss on the disposition of a wholesale division (net of tax) Sales...
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.
Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of...
Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $15,200,000 9,100,000 1,010,000 510,000 710,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount 1. $310,000 in restructuring costs were incurred in connection with plant closings, 2. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered...
Reither Co. reports the following information for 2020: sales revenue, $700,000; cost of goods sold, $500,000;...
Reither Co. reports the following information for 2020: sales revenue, $700,000; cost of goods sold, $500,000; selling and administrative expenses, $80,000; loss on sale of available-for-sale securities, $18,000; unrealized loss on available-for-sale securities, $60,000. Its tax rate is 25%. It issued no stock and declared and paid a dividend of $10,000 to stockholders of 150,000 weighted average shares of common stock outstanding. Reither Co. has these balances as of January 1, 2020: common stock, $350,000; paid-in capital in excess of...
Reither Co. reports the following information for 2020: sales revenue, $700,000; cost of goods sold, $500,000;...
Reither Co. reports the following information for 2020: sales revenue, $700,000; cost of goods sold, $500,000; selling and administrative expenses, $80,000; loss on sale of available-for-sale securities, $18,000; unrealized loss on available-for-sale securities, $60,000. Its tax rate is 25%. It issued no stock and declared and paid a dividend of $10,000 to stockholders of 150,000 weighted average shares of common stock outstanding. Reither Co. has these balances as of January 1, 2020: common stock, $350,000; paid-in capital in excess of...
Duke Company's records show the follow accounts balance at December 31, 2021 Sales Revenue $ 15,000,000...
Duke Company's records show the follow accounts balance at December 31, 2021 Sales Revenue $ 15,000,000 Cost of goods sold 9,000,000 General and Administrative expense 1,000,000 Selling expense 500,000 Interest expense 700,000 Income tax expense has not yet been determined. the following events also occurred during 2021. all transactions are material in amount. 1. $300,000 in restructuring costs were incurred in connection with plant closings. 2. inventory costing $400,000 was written off as obsolete. Material losses of this type are...
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.
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....
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.
Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $15,200,000 9,100,000 1,010,000 510,000 710,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount 1. $310,000 in restructuring costs were incurred in connection with plant closings, 2. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered...
Most questions answered within 3 hours.
-
You have a new site that your company just purchased. When you
inspected the site, you...
asked 4 minutes ago -
Do you think that anyone requesting a sex change operation
should be entitled to receive one...
asked 11 minutes ago -
buffer chosen: phosphate, pH before addition of base 7.21 after
addition of base 8.87
1) What...
asked 9 minutes ago -
A firm is considering the purchase of a machine which would
represent an investment of $23...
asked 12 minutes ago -
Flower colour in a plant species is determined by two genes,
gene B and gene P....
asked 15 minutes ago -
findWordCrossIndex(horizontalWord, verticalWord) This function
finds and returns the index in the string "horizontalWord" of the
first...
asked 18 minutes ago -
evaluate the statements below and select those that correctly apply
to the role of PAMPs and...
asked 24 minutes ago -
Congratulations! You have just won the Lottery. The Lottery
Commission informs you that you can choose...
asked 30 minutes ago -
bulk flow (in respiration) moves blood from?
Air in and out of lungs?
air into lungs?...
asked 35 minutes ago -
Which of the following describes a private network?
1. A wide area network (WAN) linking sites...
asked 49 minutes ago -
The purpose of this
lab: Wireshark Intro Lab
is to get students
familiar with the use of...
asked 58 minutes ago -
Question 3
A 50 percent deduction is allowed for amounts paid or incurred for
dues and...
asked 56 minutes ago