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
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

You might be interested in
How does understanding individual behaviour help authentic leaders overcome challenges in organisations? Provide an example in y
sergiy2304 [10]

Answer:

To understand the behavior and skill set of the individual

Explanation:

Understanding individual behaviour helps leaders to understand how these people can be useful in contributing to the growth of the team and organization.

It also helps leader to understand the interpersonal skills of an individual being so that there are no issues due to the behavioral aspect with in the team.

3 0
3 years ago
Janice is spending the summer working as an intern writing copy for a local firm. Today Janice's senior editor sent back some of
Serggg [28]

Answer:

The answer is "the behavioral component".

Explanation:

Janice is not acting on this instance. Thus, the behavioral component of an attitude is not shown. Janice doesn't like her junior publisher, believes. This review demonstrates the cognitive framework of an attitude. Janice's upset. Jessica is upset. In her work, jane reacted badly to the red ink which depicts the emotional component of an opinion. Whereas a position could be correct or incorrect, these elements of a situation as defined in the OB are not addressed.

6 0
3 years ago
The equilibrium or market price exists when the supply of a product exceeds the amount that consumers are willing to purchase. G
Rama09 [41]

Answer:

Statement is false.

Explanation:

Equilibrium price only exists when the economic forces are balanced. It means when the supply and demand of any commodity is equalized, the price at that stage is called equilibrium and market price.

This is why, the above statement is false because when supply is greater than the demand, price cannot be on equilibrium.

8 0
3 years ago
Read 2 more answers
Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships.
tino4ka555 [31]

Answer:

See attached accounting entries.

Explanation:

For question 1, the likelihood of a payment occurring is probable, the is chance that Pacific Cruise Lines will pay liability as such estimated amount of $1.29 million should be set aside.

For question 2, the likelihood of a payment occurring is probable, the is chance that Pacific Cruise Lines will pay liability as such estimated maximum amount of $1.29 million should be set aside.

For question 3, the likelihood of a payment occurring is reasonably probable, the is chance that Pacific Cruise Lines will pay liability as such estimated amount of $1.29 million should be set aside.

For question 3, the likelihood of a payment occurring is remote, that is, there little relationship with this case that cause Pacific Cruise Lines being liable to pay as such potential amount of $1.29 million should be set aside.

Download xlsx
3 0
3 years ago
Satchel Inc purchases 10,000 shares of its own previously issued $10 par common stock for $290,000. Assuming the shares are held
BaLLatris [955]

Answer:

a. No effect

b. Decreases in total asset

c. No effect

d. Decreases in total stockholder equity

Explanation:

Given that

Number of shares purchased = 10,000 shares

Par value = $10

Common stock = $290,000

By using the above information, we can interpret that

a. There is no effect on the net income

b. The total asset is decreased by $290,000 as it reduces the cash balance for $290,000

c. There is no effect on the total paid-in-capital

d. Total stockholder equity is decreased by  $290,000

We assume that treasury stock is accounted for using the cash method

5 0
3 years ago
Other questions:
  • HELP ME PLEASE!!!!!!!!!!!!
    7·2 answers
  • A sequence arranged from highest to lowest is in_____order.
    9·1 answer
  • 47.Acme Company has authorized 100,000 shares of common stock, of which 75,000 shares were originally issued. As of December 31,
    8·1 answer
  • Under what scenario could fiscal policy make a recession even worse?
    15·1 answer
  • On March 17, Jackal Lumber sold building materials to Fredo Limited for $15,000 with terms of 3/10, net 20. What amount did Jack
    6·1 answer
  • Mojave Corporation manufactures a single product that has a cost of $350. The company uses a 70% markup on cost to arrive at a s
    6·1 answer
  • A work team is characterized by ________.A) the goal of sharing informationB) the presence of neutral to negative synergyC) the
    11·1 answer
  • Gleason Construction enters into a long term fixed price contract to build an office building for $28,000,000. In the first year
    14·2 answers
  • Explicit costs are payments the firm makes for outputs such as desks for its employees, whereas implicit costs are expenditure c
    8·1 answer
  • What does it mean by a “strong vs. weak dollar?”
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!