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slava [35]
2 years ago
8

Now- a quick question. Assume at the beginning of Year2, Becker Company has a credit (positive) balance in the AOCI account of $

10800. Becker Company reports $653000 of net income for Year2. Becker has an unrealized gain of $12000 during Year2. The gain qualifies as OCI (Other comprehensive income). 1. What will Becker report as Accumulated Other Comprehensive Income on the Year2 balance sheet
Business
1 answer:
castortr0y [4]2 years ago
7 0

Answer:

Becker Company

The amount that Becker will report as Accumulated Other Comprehensive Income on the Year 2 balance sheet is:

= $22,800.

Explanation:

a) Data and Calculations:

Year 2 Beginning balance:

Accumulated other comprehensive income (AOCI) = $10,800 credit

Year 2 reported net income = $653,000

Unrealized gain during Year 2 = $12,000

The Accumulated Other Comprehensive Income on the Year 2 balance sheet is:

Beginning balance $10,800

Unrealized gain        12,000

AOCI for Year 2 = $22,800

b) Becker's Accumulated Other Comprehensive Income includes unrealized gains and losses arising from some investments, pension plans, and hedging transactions.  These are usually reported in the equity section of the balance sheet and then netted off from the retained earnings.

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Shelton Inc. has sales of $17.5 million, total assets of $13.1 million, and total debt of $5.7 million. If the profit margin is
tatiyna

Answer:

$1,050,000

Explanation:

The computation of the net income is shown below:

Net income = Sales revenue × profit margin percentage

                    = $17,500,000 × 6%

                    = $1,050,000

To determine the net income we multiplied the sales revenues by its profit margin percentage so that the correct value could be arrived.

3 0
3 years ago
Taxes represent __________ of the business. Multiple Choice an equity liability a cash inflow a cash outflow an accounts receiva
Eduardwww [97]

The taxes that are being paid by a business firm represents: C. a cash outflow.

Taxation can be defined as the involuntary and compulsory fees that are usually levied on individuals or business firms (entities) by the government, so as to generate revenues which are used in funding public institutions and activities.

Basically, these taxes that are being paid by individuals or business firms (entities) is considered as a cash outflow because it represents money that are flowing out of their accounts.

In conclusion, an amount of money that is flowing out of an account such as taxes is referred to as a cash outflow.

Read more: brainly.com/question/16477816

5 0
2 years ago
Kahil Mfg. makes skateboards and uses a weighted average process costing system. On May 1, 2013, the company had 400 boards in p
shutvik [7]

Answer:

Equivalent Units     Materials        1700       Conversion  2630

<u>Cost per EUP Materials:</u>  38.308     Conversion : 19.55

Explanation:

The weighted average method can be calculated using the beginning inventory and the units started .

 

Kahil Mfg

Weighted Average Method

Particulars        Units          % Of Completion             Equivalent Units

                                        Materials    Conversion  Materials    Conversion

Beginning

Inventory     400                70                 85             280               350

<u>Units Started  3800          40                  60            1520             2280         </u>

<u>Equivalent Units                                                        1700              2630</u>

<u />

Beginning WIP Inventory costs

                                               Direct material             Conversion  

                                                     $ 4,349                        4,658

Current period costs

<u>                                                        60,775                        46,750        </u>

<u>Total Costs                                 65,124                          51,408            </u>

<u />

<u>Cost per EUP</u>

                                               65,124/1700              51,408/2630

                                                 38.308                      19.55

5 0
3 years ago
Kirk Minerals processes materials extracted from mines. The most common raw material that it processes results in three joint pr
SashulF [63]

Answer:

Incremental loss of Spock = $19,800

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Incremental profit of Sulu = $94,200

Explanation:

Note: See the attached excel for the determination the incremental profit or loss that each of the three joint products.

In the attached excl file, the following formulae are used:

a. Incremental sales value = Sales value of processed product -  Sales value at split off point

b. Incremental profit (loss) = Incremental sales value - Costs to process further

Download xlsx
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SungSam, Inc. is designing a new digital camcorder that is projected to have the following per-unit costs to manufacture:
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