Question

Cullumber Company reported the following information for 2020: Sales revenue $2410000 Cost of goods sold 1751000 Operating expenses 284000 Unrealized holding gain on available-for-sale securities 85600 Cash dividends received on the securities 10900 For 2020, Cullumber would report comprehensive income of

Answer 1

Answer:

$85,600

Explanation:

The computation of the comprehensive income is shown below:

It is not a part of the income statement. It is a gain or loss i.e. unrealized. It could be unrealized gain or loss on the bonds or investments, gain or loss while doing foreign currency transaction etc

Therefore in the given situation, the comprehensive income should be equivalent to the unrealized holding gain i.e $85,600

The same is to be considered