1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
irga5000 [103]
3 years ago
13

The Massoud Consulting Group reported net income of $1,376,000 for its fiscal year ended December 31, 2021. In addition, during

the year the company experienced a positive foreign currency translation adjustment of $350,000 and an unrealized loss on debt securities of $90,000. 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 should be indicated with a minus sign.)
Business
1 answer:
White raven [17]3 years ago
8 0

Answer:

Statement of Comprehensive Income for 2021;

Net Income = $1,376,000

Other Comprehensive income (loss):-

Foreign Currency Translation Gain (Net of Tax):

= $350,000 - 25% of $350,000

= $350,000 - $87,500

= $262,500

Unrealized losses on investment securities (Net of tax):

= $90,000 - 25% of $90,000

= $90,000 - $22,500

= ($67,500)

Total other Comprehensive income:

= Foreign Currency Translation Gain (Net of Tax) + Unrealized losses on investment securities (Net of tax)

= $262,500 + ($67,500)

= $262,500 - $67,500

= $195,000

Comprehensive Income = Net Income + Total other Comprehensive income

                                        =  $1,376,000 + $195,000

                                        = $1,571,000

You might be interested in
What is the difference between crowd sourcing and crowd funding?
natita [175]

Answer:

a) crowd sourcing carries fewer risks

Explanation:

<u>Crowd sourcing:</u> The term "crowd sourcing" is described as a phenomenon that encompasses the procedure of sourcing skills or information or some end products from a particular group or groups of different people.

<u>Crowdfunding:</u> The term "crowdfunding" is described as a phenomenon that encompasses the procedure of sourcing funds or money from a specific group of groups of different people.

<u>In the question above, the correct answer is option a.</u>

5 0
3 years ago
Ahrends Corporation makes 59,000 units per year of a part it uses in the products it manufactures. The unit product cost of this
AysviL [449]

Answer: $66.90 per unit

Explanation:

Cost that would be avoided is:

= Direct materials + Direct cost + Variable manufacturing overhead + part of fixed manufacturing overhead

= 20.80 + 26.50 + 6.90 + (36.10 - 31.40)

= $58.90

If the outside supplier commits to 59,000 units a year, the company should not pay more than:

= (Number of units supplied * Avoidable cost + contribution margin on other product (opportunity cost) ) / Number of units supplied

= (59,000 * 58.90 + 472,000) / 59,000

= $66.90 per unit

8 0
3 years ago
As ethel was pulling out of a mall entrance, her car was hit by a ups truck. at that point, she swore to never use ups again. in
kipiarov [429]
The term that best fits the blank is PRODUCT message. This is classified as a product message because it focuses on the use of the UPS (Uninterrupted Power Supply). In the product message, this includes the message the involves the product itself related to its performance, ability, design, and price.
3 0
3 years ago
Read 2 more answers
A company received a bill for newspaper advertising services, $350. The bill will be paid in 10 days. How would the transaction
creativ13 [48]

Answer:

d. Debit advertising expense $350, credit accounts payable $350

Explanation:

The advertising expense should be recognized when the economic event occurs, in this case recibing the bill, independently of its payment. This is done with a debit because expenses increase by debits. The credit account is a liability: account payable, which represents an increased on liabilities.

6 0
3 years ago
McQuilkin and Copan adopt different positions toward capitalism and socialism. Which author is more favorable to free market cap
Nimfa-mama [501]

Answer:

Paul Copan

Explanation:

Dr. Robertson McQuilkin can be considered a very biblical man, and as such, would always favor socialism more than free market capitalism. His phrase "Capitalism is for freedom, socialism is for equality" and the fact that he believed in a strict following of the Bible, you make him a more socialist person.

Dr. Paul Copan is also a very religious man, but his views are less extreme than Dr. McQuilkin's. He is more pragmatic and argues in favor of religion from a more neutral or agnostic point of view. He even argues that religious beliefs and economics are not mutually exclusive.

8 0
3 years ago
Other questions:
  • What formula would you enter in C4 that combines A4 and B4 to
    11·1 answer
  • The sales tax rate is 7.4 find the tax paid for a pair of shoes with of list price of 93
    5·1 answer
  • Can someone please help me?????
    8·1 answer
  • The payments a business makes for investing in capital expenses are known as : A) profits
    8·2 answers
  • Gourmet Pets is interested in computing the break-even point for its new product Prime Cuts. The fixed costs of adding this prod
    14·2 answers
  • Coffman Electronics produces small, portable printers. The market for the product has stabilized, and Coffman has shifted produc
    7·1 answer
  • Imagine that you are at a bank, ready to open your first bank account.
    14·2 answers
  • During the late 1990s, a lot of big animation companies started to move away from the traditional hand-drawn animation and towar
    12·1 answer
  • General partners must obtain approval from a majority of the limited partners in order to manage the business. True or False
    5·1 answer
  • The relationship between wealth accumulation and risk tolerance is referred to as what?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!