What amount of Comprehensive Income should Nathan Corporation on its statement of income and comprehensive income given the following net of tax figures that represent changes during a period? Minimum Pension Liability (3,000) Unrealized Gain on Available for Sale Securities 15,000 Reclassification adjustment for securities Gain (2,500) Included in Net Income: Stock Warrants Outstanding 4,000 Net Income 77,000
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What amount of Comprehensive Income should Nathan Corporation on its statement of income and comprehensive income given the following net of tax figures that represent changes during a period?
Minimum Pension Liability (3,000)
Unrealized Gain on Available
for Sale Securities 15,000
Reclassification adjustment
for securities Gain (2,500)
Included in Net Income:
Stock Warrants Outstanding 4,000
Net Income 77,000
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- An entity provided the following net of tax figures for the current year: Net income 7,700,000 Net remeasurement loss on defined benefit plan 300,000 Unrealized gain on FA@FVOCI 1,500,000 Reclassification adjustment for gain on sale of 250,000 FA@FVOCI included in the net income Share warrants outstanding 400,000 Cumulative effect of change in accounting 500,000 policy - credit Interest revenue 100,000 Equity in associate's earnings 300,000 Prior period error - underdepreciation 200,000 What is the comprehensive income for the current year? A. 8,650,000 B. 8,900,000 C. 8,950,000 D. 9,050,000A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A. 225,000B. 270,000C. 230,000D. 220,000The following is from the 2021 annual report of Kaufman Chemicals, Inc.: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $22, ($14), and $15 in 2021, 2020, and 2019, respectively Other Total comprehensive income Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2020 355 8,567 6,544 197 $15,573 Accumulated other comprehensive income, 2021 355 8,567 5,988 75 $14,985 Years Ended December 31 2019 2821 $856 ($ in millions) 34 (2) Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2821 2020 $888 2020 $766 (21) (1) $744 $594 Required: 4. From the information provided, determine how Kaufman calculated the $107 million accumulated other comprehensive income in 2021. (Negative…
- x Company reports the following pretax income (loss) for both book and tax purposes. Year. Pretax income tax rate 2018 120,000 20% 2019 93,000 20% 2020. (82,000) 25% 2021 110,000 25% The tax rates listed were enacted by the beginning of 2018 Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable and the tax effects of the loss carryforward assuming that based on the weight of available evidence it is more likely than not that one half of the benefits of the loss carryforward will not be realized.The following is from the 2021 annual report of Kaufman Chemicals, Inc.: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $25, ($13), and $22 in 2021, 2020, and 2019, respectively Other Total comprehensive income Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2020 365 8,777 7,857 119 $17,118 Accumulated other comprehensive income, 2021 Years Ended December 31 2019 365 8,777 7,301 84 $16,527 ($ in millions) 2021 $922 38 (3) Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2021 2020 $957 2020 $752 (24) (1) $727 $607 Required: 4. From the information provided, determine how Kaufman calculated the $119 million accumulated other comprehensive income in 2021. (Negative…A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?
- A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% 1. How much is the taxable income?A. 950,000B. 750,000C. 850,000D. 700,0002. How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000Thank you.The "other income" section of A Company's Statement of Comprehensive Income contains P5,000 in interest income, P15,000 equity in B Co. earnings, and P25,000 gain on sale of available-for-sale securities. Assuming the sale of the securities increased the current portion of income tax expense by P10,000, determine the amount of A's reclassification adjustment to other comprehensive income.Given the following information interest income 3500, interest expense 2700, total assets 14000, 12 security losses or gain (75), earning assets 6781. total liabilities 9005, tax 30 percent, shares of common stock outstanding 3444, non-interest income 80, non-interest expense 130 and O ?provision for loan losses 120. what is the ROE
- A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000The entity made corporate estimated tax payment in the To compute the provision for income tax, the following Tax depreciation in excess of financial statement amount 160,000 Pecorino Company had pretax financial income of P2,500,000 3. What amount of income tax payable should be reported? 4. What amount of total tax expense should be reported? Problem 16-30 (IFRS) in the current year. amount of 180,000 during the current year. information was provided: 360,000 Interest income received Tax depreciation in excess of financial statement amount Rent received in advance Corporate tax rate 280,000 30% 1. What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 000,00 a: 498,000 b. 606,000 c. 330,000 d. 570,000 4. What amount of total tax expense should be repor0 a. 714,000 b. 726,000 c. 642,000 d. 594,000 570x Company reports the following pretax income (loss) for both book and tax purposes. Year. Pretax income tax rate 2018 120,000 20% 2019 93,000 20% 2020. (82,000) 25% 2021 110,000 25% The tax rates listed were enacted by the beginning of 2018 Prepare the income tax section of the 2020 income statment beginning with the line "operating loss before income taxes" Prepare the income tax section of the 2021 income statment beginning with the line "operating loss before income taxes" I have the journal entries I need the income statment -prepare journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable and the tax effects of the loss carryforward assuming that based on the weight of available evidence it is more likely than not that one half of the benefits of the loss carryforward will not be realized.