Visno The following is from the 2024 annual report of Kaufman Chemicals, Incorporated:Statements of Comprehensive IncomeNet incomeOther comprehensive income:Change in net unrealized gains on AFS investments, net of tax of$29, ($17), and $19 in 2024, 2023, and 2022, respectivelyOtherTotal comprehensive incomeAdditional paid-in capitalRetained earningsAccumulated other comprehensive incomeTotal shareholders' equityAccumulated other comprehensive income, 2023Accumulated other comprehensive income, 20242024$3859,1818,261129$ 17,956($ in millions)Years Ended December2024$ 96640(3)$ 1,003Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows:($ in millions)Shareholders' equity:Common stock20232023$3859,1817,70592$ 17,363$ 796(24)(2)$ 770312022$ 651Required:3. From the information provided, determine how Kaufman calculated the $129 million accumulated other comprehensive income in2024.Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as10).251$ 677

Other Comprehensive Income (OCI) refers to items that are not included in net income, but directly…

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 $29, ($17), and $19 in 2024, 2023, and 2022, respectively Other Total comprehensive income Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 $385 9,181 8,261 129 $ 17,956 Years Ended December 31 2023 2024 2022 $ 966 $ 796 $ 651 40 (3) $ 1,003 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock 2023 (24) (2) $ 770 $385 9,181 7,705 92 $ 17,363 25 1 $ 677 Required: 3. From the information provided, determine how Kaufman calculated the $129 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).

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 $29, ($17), and $19 in 2024, 2023, and 2022, respectively Other Total comprehensive income Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 $385 9,181 8,261 129 $ 17,956 Years Ended December 31 2023 2024 2022 $ 966 $ 796 $ 651 40 (3) $ 1,003 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock 2023 (24) (2) $ 770 $385 9,181 7,705 92 $ 17,363 25 1 $ 677 Required: 3. From the information provided, determine how Kaufman calculated the $129 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).

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter6: Accounting Quality

Section: Chapter Questions

Problem 2IC

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