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The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2011. In addition, during the year the company experienced a foreign currency translation adjustment gain of $240,000 and had unrealized losses on investment securities of $80,000. The company's effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net of tax.
Required:
1. Prepare a combined statement of income and comprehensive income for 2011, beginning with net income.
2. Prepare a separate statement of comprehensive income for 2011.
The following transactions were made by Waite Company. Assume all investments are short-term and are readily marketable. Journalize the transactions.
Amber, a publicly held corporation (not a TARP recipient), currently pays its president an annual salary of $900,000. In addition, it contributes $20,000 annually to a defined contribution pension plan for him.
A is a fixed expense; B is a variable cost. During the current year the level of activity has reduced but is still within the relevant range.
What is the EPS for the company if it has a P/E ratio of 20? What is the book value of the company if the price-to-book ratio is 1.5 and it has 100,000 shares of stock outstanding?
The sensitivity and importance of payroll and payroll information cannot be overstated. The managing and protecting of this information deserves and has the attention of any number of managers within an organization.
What are some advantages and disadvantages of different types of direct and indirect foreign investments?
Survival Industries, Inc. purchased a boat at a cost of $360,000-Compute the depreciation expense for 2014
Develop a Gantt chart to determine the total time required to process all six jobs. Determine the costs of a level production strategy for the next six months, with an ending inventory of 8,000 pounds.
Assume a nonprofit has a restricted fund for capital asset purchases. Compare the journal entries for the cash purchase of a $10,000 computer by the nonprofit, to how the journal entry would look for this for-profit.
William and Frank are partners whose capital balances are $400,000 and $300,000 and who share profits 3:2. Due to a shortage of cash, William and Frank agree to admit Sammy to the firm.
In response to these problems, Congress passed the Sarbanes-Oxley Act of 2002. Recommend internal controls that would satisfy the Sarbanes-Oxley Act.
Calculate the amount of net income reported on XYZ Company's 2011 income statement. Do not use decimals in your answer.
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