Answer
Statement of Comprehensive Income |
||
Net Income |
$1,392,000 |
|
Other comprehensive income (loss): |
||
Foreign currency translation gain, net of tax ($430000 x (100%-25%) |
$322,500 |
|
Unrealized losses on investment securities net of tax ($70000 x (100%-25%) |
($52,500) |
|
Total other comprehensive income |
$270,000 |
|
Comprehensive Income |
$1,662,000 |
Saved Help Week 3: Homework Submit Save & Exit Check my work 4 The Massoud Consulting...
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...
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...
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...
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...
E 4-11 Comprehensive income • L04-6 The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $240,000 and an unrealized loss on debt securities of $80,000. The company's effective tax rate on all items affecting com- prehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive...
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 $80,000. The company’s effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2018. (Amounts to be deducted...
check my work The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $18,900, cost of goods sold, $8,000; selling expenses, $1.480: general and administrative expenses. $980; interest revenue, $240; interest expense, $200. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's...