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The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $18, ($16), and $16 in 2024, 2023, and 2022, respectively Other Total comprehensive income 2024 Years Ended December 31 2023 2022 $ 856 $ 686 $ 541 30 (24) 26 (3) (2) 2 $ 883 $ 660 $ 569 828 Kaufman reports accumulated other comprehensive Income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income 2024 2023 $ 330 8,171 $ 330 8,171 7,251 99 $ 15,851 6,695 72 $ 15,268 Total shareholders' equity Required: 3. From the information provided, determine how Kaufman calculated the $99 million accumulated other comprehensive income in 2024. Note: Negative amount should be Indicated by a minus sign. Enter your answers In millions (I.e., 10,000,000 should be entered as 10). Answer is complete but not entirely correct. Accumulated other comprehensive income, 2023 Change in net unrealized gains on investments Change in "other" ($ in millions) 75 34 (2) X Accumulated other comprehensive income, 2024 S 107

The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $18, ($16), and $16 in 2024, 2023, and 2022, respectively Other Total comprehensive income 2024 Years Ended December 31 2023 2022 $ 856 $ 686 $ 541 30 (24) 26 (3) (2) 2 $ 883 $ 660 $ 569 828 Kaufman reports accumulated other comprehensive Income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income 2024 2023 $ 330 8,171 $ 330 8,171 7,251 99 $ 15,851 6,695 72 $ 15,268 Total shareholders' equity Required: 3. From the information provided, determine how Kaufman calculated the $99 million accumulated other comprehensive income in 2024. Note: Negative amount should be Indicated by a minus sign. Enter your answers In millions (I.e., 10,000,000 should be entered as 10). Answer is complete but not entirely correct. Accumulated other comprehensive income, 2023 Change in net unrealized gains on investments Change in "other" ($ in millions) 75 34 (2) X Accumulated other comprehensive income, 2024 S 107

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 19BEA
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The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Years Ended December 31 2024 2023 2022 Net income $ 856 $ 686 $ 541 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $18, ($16), and $16 in 2024, 2023, and 2022, respectively Other Total comprehensive income Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: 30 (3) (24) 26 (2) 2 $ 883 $ 660 $ 569 ($ in millions) Shareholders' equity: Common stock Additional paid-in capital. Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 2023 $ 330 8,171 $ 330 8,171 7,251 99 $ 15,851 6,695 72 $ 15,268 Required: 3. From the information provided, determine how Kaufman calculated the $99 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Answer is complete but not entirely correct. ($ in millions) Accumulated other comprehensive income, 2023 Change in net unrealized gains on investments Change in "other" S 75 x 34 (2) Accumulated other comprehensive income, 2024 S 107
Transcribed Image Text:The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Years Ended December 31 2024 2023 2022 Net income $ 856 $ 686 $ 541 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $18, ($16), and $16 in 2024, 2023, and 2022, respectively Other Total comprehensive income Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: 30 (3) (24) 26 (2) 2 $ 883 $ 660 $ 569 ($ in millions) Shareholders' equity: Common stock Additional paid-in capital. Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 2023 $ 330 8,171 $ 330 8,171 7,251 99 $ 15,851 6,695 72 $ 15,268 Required: 3. From the information provided, determine how Kaufman calculated the $99 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Answer is complete but not entirely correct. ($ in millions) Accumulated other comprehensive income, 2023 Change in net unrealized gains on investments Change in "other" S 75 x 34 (2) Accumulated other comprehensive income, 2024 S 107
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