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Alexus [3.1K]
3 years ago
9

A company revenue reports the following information as of December 31: Sales revenue $800,000 Cost of goods sold 600,000 Operati

ng income 90,000 Unrealized holding gain on available for sale debt securities, net of tax 30,000. What amount should the company report as comprehensive income as of December 31?
Business
2 answers:
Zanzabum3 years ago
7 0

Answer:

$120,000

Explanation:

The formula to calculate comprehensive income is:

comprehensive income = net income + other comprehensive income

  • net income = operating income = $90,000
  • other comprehensive income* = unrealized holding gains = $30,000

comprehensive income = $90,000 + $30,000 = $120,000

*Other comprehensive income includes unrealized revenues, gains, expenses and losses.

Wittaler [7]3 years ago
4 0

Answer:

$320,000

Explanation:

As we know that the

Comprehensive Income = Operating profits + Unrelated profits

The unrelated profits here is profit generated arising due to the sale of debt securities which is not the core operation of the company and hence is unrelated profits.

So by putting values we have:

Comprehensive Income =  ($800,000 - $600,000 + $90,000)  + $30,000

Comprehensive Income =  $320,000

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