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serious [3.7K]
2 years ago
13

Cullumber Company reported the following information for 2020: Sales revenue $2410000 Cost of goods sold 1751000 Operating expen

ses 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
Business
1 answer:
Debora [2.8K]2 years ago
6 0

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

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Answer:

Stuart Manufacturing Company

Assets = $107,200

Explanation:

a) Data and Calculations:

Cash Account

Common stock $89,000

Furniture            (32,000)

Equipment         (40,000)

Salaries               (12,000)

Wages                (21,000)

Raw materials   (26,000)

Sales                   72,000

Cash balance  $30,000

Inventory:

Cost = $26,000

Units produced = 10,000 units

Cost per unit = $2.60 ($26,000/10,000)

Cost of goods sold = 8,000 * $2.60 = $20,800

Ending inventory = 2,000 * $2.60 = $5,200

Sales Revenue = 8,000 * $9 = $72,000

Assets:

Cash                     $30,000

Ending inventory     5,200

Furniture               32,000

Equipment            40,000

Total                  $107,200

b) An asset is something that brings in future cash flows to the business entity.  It is made up of Cash and Cash Equivalents, Inventories, Property, Plant, Equipment, and other business investments.  Assets are funded from finance provided by creditors and the equity owners, and they generate economic values.

5 0
3 years ago
Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 5,000 shares of $
asambeis [7]

Answer and Explanation:

1. Cash Dr, $120,000

         To Common Stock $100,000    (5,000 × $20)

         To Additional Paid - in - Capital in Excess of Par $20,000

(Being issue of common stock is recorded)

2. Cash Dr, $28,000

         To Common Stock Dr, $2,500   (2,500 × $1)

         To Additional Paid - in - Capital in Excess of Stated $31,500

(To record issue of common stock to promoters)

3. Organization Expenses Dr, $28,000

          To Common Stock Dr, $28,000

(Being issue of common stock in exchange of organization expenses is recorded)

4. Cash Dr, $121,750

          To Preferred Stock $93,750  (1,250 × $75)

          To Additional Paid - in - Capital in Excess of Par (Preferred) $28,000

(Being issue of Preferred stock is recorded)

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3 years ago
A. English Common Law<br> B.Ethical dilemmas<br> C.Stare decisis<br> D.Utilitarian decision making
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Answer:

C

Explanation:

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3 years ago
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Answer:

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Note: This can also come in the category of 'unfair competition' argument as huge economies of scales of well established companies create an unfair environment for nascent industries to compete on a same level.

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