Explain component of other comprehensive income

Assignment Help Accounting Basics
Reference no: EM132714679

Question: Duke Company's records show the following account balances at December 31, 2021:Sales revenue $16,800,000

Cost of goods sold 9,900,000

General and administrative expense 1,090,000

Selling expense 590,000

Interest expense 790,000

Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.

1. $390,000 in restructuring costs were incurred in connection with plant closings.

2. Inventory costing $490,000 was written off as obsolete. Material losses of this are considered to be unusual.

3. It was discovered that depreciation expense for 2020 was understated by $59,000 due to a mathematical error.

4. The company experienced a negative foreign currency translation adjustment of $290,000 and had an unrealized gain on debt securities of $270,000.

Required: Please make a single, continuous multiple-step statement of comprehensive income for 2021. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.)

Reference no: EM132714679

Questions Cloud

Describe the payroll related taxes paid by employers : Compare the payroll related taxes paid by employers verses the payroll taxes paid by an employee. How are they the same and how are they different?
Explain the hardware specifications in brief : Identify your requirements (what you will need to use it for, how much you would spend, etc.). Identify at least 3 viable options (actual computers).
What is first five years of depreciation using straight line : Equipment cost 4,250,000 - to use for 10 years and salvage of 10% (this is 425,000) what is the first five years of depreciation using straight line.
How would you explain the appropriate accounting treatment : In other words, how would you explain the appropriate accounting treatment to a colleague, boss, or business partner who has a basic understanding of accounting
Explain component of other comprehensive income : Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.
What are long-term impacts of healthsouth accounting fraud : What are long-term and short-term impacts of HealthSouth accounting fraud? (improperly capitalizing expenses, overestimating insurance reimbursements.
Prepare adjusting entry to accrue estimated warranty cost : Prepare the adjusting entry at December 31 to accrue the estimated warranty cost, assuming no warranty claims have been honored to date.
Calculate the transaction price for the contract : Wildhorse Treasures Company sells home furnishings. On February 1, Wildhorse Treasures entered into a contract with Simon Development Ltd. for home furnishings.
How much each invest in order to maintain same proportion : Mike, Tom, and Larry invested $78,750, $22,500 and $123,750 respectively in a consulting business. They decided to expand the business by injecting.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd