What amount of Comprehensive Income should Nathan Corporation on its statement of income and comprehensive income given the following net of tax figures that represent changes during a period? Minimum Pension Liability (3,000) Unrealized Gain on Available for Sale Securities 15,000 Reclassification adjustment for securities Gain (2,500) Included in Net Income: Stock Warrants Outstanding 4,000 Net Income 77,000

What amount of Comprehensive Income should Nathan Corporation on its statement of income and comprehensive income given the following net of tax figures that represent changes during a period? Minimum Pension Liability (3,000) Unrealized Gain on Available for Sale Securities 15,000 Reclassification adjustment for securities Gain (2,500) Included in Net Income: Stock Warrants Outstanding 4,000 Net Income 77,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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An entity provided the following net of tax figures for the current year: Net income 7,700,000 Net remeasurement loss on defined benefit plan 300,000 Unrealized gain on FA@FVOCI 1,500,000 Reclassification adjustment for gain on sale of 250,000 FA@FVOCI included in the net income Share warrants outstanding 400,000 Cumulative effect of change in accounting 500,000 policy - credit Interest revenue 100,000 Equity in associate's earnings 300,000 Prior period error - underdepreciation 200,000 What is the comprehensive income for the current year? A. 8,650,000 B. 8,900,000 C. 8,950,000 D. 9,050,000
A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A. 225,000B. 270,000C. 230,000D. 220,000
The following is from the 2021 annual report of Kaufman Chemicals, Inc.: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $22, ($14), and $15 in 2021, 2020, and 2019, respectively Other Total comprehensive income Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2020 355 8,567 6,544 197 $15,573 Accumulated other comprehensive income, 2021 355 8,567 5,988 75 $14,985 Years Ended December 31 2019 2821 $856 ($ in millions) 34 (2) Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2821 2020 $888 2020 $766 (21) (1) $744 $594 Required: 4. From the information provided, determine how Kaufman calculated the $107 million accumulated other comprehensive income in 2021. (Negative…
The following is from the 2021 annual report of Kaufman Chemicals, Inc.: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $25, ($13), and $22 in 2021, 2020, and 2019, respectively Other Total comprehensive income Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2020 365 8,777 7,857 119 $17,118 Accumulated other comprehensive income, 2021 Years Ended December 31 2019 365 8,777 7,301 84 $16,527 ($ in millions) 2021 $922 38 (3) Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2021 2020 $957 2020 $752 (24) (1) $727 $607 Required: 4. From the information provided, determine how Kaufman calculated the $119 million accumulated other comprehensive income in 2021. (Negative…
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A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000
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