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
B.
The bus company has monopoly over the bus service in the town because it has no competitors.
Answer:
The correct answer is option C.
Explanation:
The opportunity cost of any economic decision is the cost of giving up its alternative. We are aware that we have limited resources with alternative uses and we have to use these resources to satisfy alternative needs and wants. In order to increase spending resources on one thing, we need to decrease spending on its alternative.
Here, the parking spot on the driveway can be used for personal use or can be used for renting. The opportunity cost of using the spot for personal parking is the money that could have been earned by renting it to others.
The right answer for the question that is being asked and shown above is that: "d. It s a list of account titles in the order in which they can be found in the ledger." The statement that best describes a chart of accounts is that d. It s a list of account titles in the order in which they can be found in the ledger.<span>
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Answer:
1. Option (A) is correct.
2. Option (C) is correct.
Explanation:
1. Micron's entry to record the dividend transaction is as follows:
Cash A/c Dr. $16,450
To Long - Term Investments $16,450
(In this case, since the holding interest is more than 20%, Equity method is used)
workings:
Dividend = $47,000 × 35%
= $16,450
2. The entry to record the receipt of dividend would be:
Cash A/c Dr. $12,000
To Dividend Revenue A/c $12,000
(To record the receipt of dividend)
Workings:
Dividend = 3,000 shares × $4 per share
= $12,000
