Homework Answers
Comprehensive income is the sum of net income and other items that must bypass the income statement because they have not been realized, including items like an unrealized holding gain or loss from available for sale securities and foreign currency translation gains or losses.
sales revenue = $500000
cost of goods sold = ($350000)
gross profit = $150000
operating expenses = ($55000)
net income = $95000
add: unrealized income = $25000
dividen on securities = $2000
total comprehensive income = $122000
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18. Korte Company reported the following information for 2015: Sales revenue Cost of goods sold Operating...
Wildhorse Co. reported the following information for 2020: Sales revenue Cost of goods sold Operating expenses...
Wildhorse Co. reported the following information for 2020: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale securities Cash dividends received on the securities $2038000 1410000 220000 120200 8800 For 2020, Wildhorse would report other comprehensive income of O $129000. O $416800. O $408000. O $120200
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.
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.
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...
Szuba Corporation reported the following transactions for the current year: Sales $500,000 Cost of goods sold...
Szuba Corporation reported the following transactions for the current year: Sales $500,000 Cost of goods sold 300,000 Operating expenses 100,000 Cash dividend 50,000 Unrealized gain on available-for-sale security 10,000 Unrealized gain on trading security 20,000 Ignoring income taxes, Szuba should report other comprehensive income of: $10,000 Your answer is correct. B. $80,000 C. $60,000 D. $30,000
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.
Exercise 4-15 Ayayai Corporation reported the following for 2017: net sales $1,207,600, cost of goods sold...
Exercise 4-15 Ayayai Corporation reported the following for 2017: net sales $1,207,600, cost of goods sold $737,300, selling and administrative expenses $329,300, and an unrealized holding gain on available-for-sale securities $21,000. Prepare a statement of comprehensive income using one statement format.
Metlock Corporation reported the following for 2020: net sales $1,236,500, cost of goods sold $729,000, selling...
Metlock Corporation reported the following for 2020: net sales $1,236,500, cost of goods sold $729,000, selling and administrative expenses $329,900, and an unrealized holding gain on available-for-sale debt securities $20,700. (a) Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.) METLOCK CORPORATION Statement of Comprehensive Income $ $
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 Corporation reported the following for 2020: net sales $1,200,400, cost of goods sold $724,400, selling...
Whispering Corporation reported the following for 2020: net
sales $1,200,400, cost of goods sold $724,400, selling and
administrative expenses $330,300, and an unrealized holding gain on
available-for-sale debt securities $16,000.
Prepare a statement of comprehensive income using the one
statement format. (Ignore income taxes and earnings per share.)
Prepare a statement of comprehensive income, using the two
statement format. (Ignore income taxes and earnings per share.)
Wildhorse Co. reported the following information for 2020: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale securities Cash dividends received on the securities $2038000 1410000 220000 120200 8800 For 2020, Wildhorse would report other comprehensive income of O $129000. O $416800. O $408000. O $120200
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.
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.
Metlock Corporation reported the following for 2020: net sales $1,236,500, cost of goods sold $729,000, selling and administrative expenses $329,900, and an unrealized holding gain on available-for-sale debt securities $20,700. (a) Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.) METLOCK CORPORATION Statement of Comprehensive Income $ $
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 Corporation reported the following for 2020: net
sales $1,200,400, cost of goods sold $724,400, selling and
administrative expenses $330,300, and an unrealized holding gain on
available-for-sale debt securities $16,000.
Prepare a statement of comprehensive income using the one
statement format. (Ignore income taxes and earnings per share.)
Prepare a statement of comprehensive income, using the two
statement format. (Ignore income taxes and earnings per share.)
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