Question
In: Accounting
The following information relates to the Brown Corporation for the year ended December 31, 2017: 2017...
The following information relates to the Brown Corporation for the year ended December 31, 2017:
2017 net income $75,000
Unrealized holding gain on available-for-sale debt securities during the year $6,000
Unrealized holding loss on equity securities classified as trading securities ($4,000)
The accumulated other comprehensive income (AOCI) account had a credit balance of $45,000 at the end of 2016. Assuming no other changes during the year affected AOCI and assuming that the unrealized loss on trading securities is already reflected in 2017 income, determine the following:
OTHER COMPREHENSIVE INCOME FOR THE YEAR
COMPREHENSIVE INCOME FOR THE YEAR
ENDING BALANCE IN ACCUMULATED OTHER COMPREHENSIVE INCOME
Solutions
Expert Solution
| Computation of Other Comprehensive Income for the year | ||
| Particulars | Amount | |
| A | Unrealised holding gain on available for sale debt securities | $ 6,000 |
| B | Unrealised holding loss on equity securities | $ (4,000) |
| C | Other Comprehensice Income for the Year (A+B) | $ 2,000 |
| Computation of Accumulated Other Comprehensive Income | ||
| Particulars | Amount | |
| D | Accumulated other Comprehensive Income at beginning of 2017 | $ 45,000 |
| Add: | Other Comprehensive Income for the year | $ 2,000 |
| E | Accumulated other Comprehensive Income at end of 2017 (C+D) | $ 47,000 |
| Computation of Comprehensive Income for year 2017 | ||
| Particulars | Amount | |
| F | Net Income | $ 75,000 |
| Add: | Accumulated other Comprehensive Income at end of 2017 | $ 47,000 |
| Comprehensive Income for 2017 (E+F) | $ 122,000 | |
ekkarill92 answered 1 year agoRelated Solutions
The following schedule of information relates to Lumos, Inc. for the year ended December 31, 2017:...
The following schedule of information relates to Lumos, Inc. for
the year ended December 31, 2017:
Nonoperating cash receipts:
For sale of common stock
$ 65,280
From sale of land (original cost $111,600)
94,800
From sale of intangible assets (at net book value)
37,800
Nonoperating cash payments:
For purchase of common stock as investment
1,020,000
To stockholders as dividends
117,600
The company’s balance sheet reports
the following:
December 31, 2017
December 31, 2016
Cash
$ 134,160
$ 100,800
Accounts receivable...
10. The following information relates to Nabisco Corporation for the year ended December 31, 2016. All...
10. The following information relates to Nabisco Corporation for
the year ended December 31, 2016. All amounts are before income
taxes. Assume a 25% income tax rate for all items.
Net
sales
$ 1,050,000
Other expenses and
losses
$ 100,000
Operating
expenses
$ 200,000
Other revenues and
gains
$ 60,000
Cost of goods
sold
$ 450,000
Unrealized loss on available-for-sale
securities
$ 50,000
Additional information:
The entire snack division was discontinued on September 30....
The following information relates to Hudson City for its fiscal year ended December 31, 2017. During...
The following information relates to Hudson City for its fiscal
year ended December 31, 2017. During the year, retailers in the
city collected $1,700,000 in sales taxes owed to the city. As of
December 31, retailers have remitted $1,100,000, $200,000 is
expected in January 2018, and the remaining $400,000 is expected in
April 2018. On December 31, 2016, the Foundation for the Arts
pledged to donate $1, up to a maximum of $1 million, for each $3
that the museum...
The following information relates to Hudson City for its fiscal year ended December 31, 2017. During...
The following information relates to Hudson City for its fiscal
year ended December 31, 2017.
During the year, retailers in the city collected $1,700,000 in
sales taxes owed to the city. As of December 31, retailers have
remitted $1,100,000, $200,000 is expected in January 2018, and the
remaining $400,000 is expected in April 2018.
On December 31, 2016, the Foundation for the Arts pledged to
donate $1, up to a maximum of $1 million, for each $3 that the
museum...
The following information relates to the Cisco Corporation for the years ended December 31. Cisco Corporation...
The following information relates to the Cisco Corporation for
the years ended December 31.
Cisco Corporation
Comparative Balance Sheets
December 31
Assets
2019
2018
Cash
$ 92,700
$ 33,400
Accounts receivable
70,800
37,000
Inventory
131,900
102,650
Investments
84,500
107,000
Equipment
310,000
205,000
Accumulated depreciation - equipment
(49,500)
(40,000)
Total
$640,400
$445,050
Liabilities and Stockholders’ Equity
Accounts payable
$ 62,700
$ 48,280
Accrued expenses payable
15,100
18,830
Bonds payable
140,000
70,000
Common stock
250,000
200,000
Retained earnings
172,600
107,940
Total
$640,400...
The following information is available for Chenard Corporation for the year ended December 31, 2017. Beginning...
The following information is available for Chenard Corporation
for the year ended December 31, 2017.
Beginning cash balance $35,000
Accounts payable decrease 3,200
Depreciation expense 76,000
Accounts receivable increase 8,200
Inventory increase 13,000
Net income 269,100
Cash received for sale of land at book value 35,000
Sales revenue 747,000
Cash dividends paid 12,000
Income tax payable increase 4,700
Cash used to purchase building 144,000
Cash used to purchase treasury stock 32,000
Cash received from issuing bonds 206,000
Prepare a statement...
The following information is available for Swifty Corporation for the year ended December 31, 2017: Other...
The following information is available for Swifty Corporation
for the year ended December 31, 2017: Other revenues and gains
$9,400 Sales revenue $596,100 Other expenses and losses 13,100
Operating expenses 245,900 Cost of goods sold 171,500 Sales returns
and allowances 40,000 Other comprehensive income 5,900 Prepare a
multiple-step income statement for Swifty Corporation and
comprehensive income statement. The company has a tax rate of 30%.
This rate also applies to the other comprehensive income.
Consider the following information for Superior Window Corporation for the year ended December 31, 2017: ...
Consider the following information for
Superior Window Corporation for the year ended December 31,
2017:
Depreciation expense – Administrative
office
$ 40,000
Depreciation expense – Plant and
equipment
80,000
Direct labor –
Wages
500,000
Direct materials inventory, Dec. 31,
2017
20,000
Direct materials inventory, Jan 1,
2017
30,000
Direct material
purchases
180,000
Finished goods inventory, Dec. 31,
2017
40,000
Finished goods inventory, Jan 1,
2017
10,000
...
The following information relates to Husk Corn Co. for the year ended December 31, 2018: The...
The following information relates to Husk Corn Co. for the year
ended December 31, 2018:
The company tells you that Income from Continuing Operations PRE
Taxes is $ 300,000. However, this amount was computed
before the company considered these items: (i.e.
none of the items listed below are factored into the $300,000)
Restructuring Costs incurred in 2018 were $25,000
When recording depreciation expense for the previous year
(2017), they mistakenly recorded depreciation twice for the same
asset. The amount of...
The following information relates to Husk Corn Co. for the year ended December 31, 2018: The...
The following information relates to Husk Corn Co. for the year
ended December 31, 2018:
The company tells you that Income from Continuing Operations PRE
Taxes is $ 300,000. However, this amount was computed before the
company considered these items: (i.e. none of the items listed
below are factored into the $300,000)
Restructuring Costs incurred in 2018 were $25,000
When recording depreciation expense for the previous year
(2017), they mistakenly recorded depreciation twice for the same
asset. The amount of...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 1 Please answer the following: a) Rank the following storage systems from slowest to fastest: a....
- Write a Python program that reads in an amount in cents and prints the dollar amount...
- Suppose you want your daughter’s college fund to contain $125,000 after 14 years. If you can...
- an investment pays 2600 per year for the first 7 years, 5200 per year for the...
- Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The demand for the...
- C++ How would I sort my output to evaluate it by sorting the column by it's...
- A cake is shaped like a hemisphere of radius 2 with its base on the xy-plane....
ADVERTISEMENT