Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Textbook Question
Chapter 5, Problem 5.8MC
Szuba Corporation reported the following transactions for the current year.
| Sales | $500,000 |
| Cost of goods sold | 300,000 |
| Operating expenses | 100,000 |
| Cash dividend | 50,000 |
| Unrealized gain on available-for-sale security | 10,000 |
| Unrealized gain on trading security | 90,000 |
Ignoring income taxes, Szuba should report other comprehensive income of:
- a. $80,000
- b. $10,000
- c. $60,000
- d. $30,000
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Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of?
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The income statement of Tavis Corporation and selected additional data are presented below:
Tavis Corporation
Income Statement
for the Year Ended December 31, 2020
Net sales $220,000
Cost of goods sold __109,000
Gross profit 111,000
Selling and general expenses _98,000
Income from operations 13,000
Interest expense __2,500
Income before income tax 10,500
Income tax expense __3,000
Net income $ 7,500
Additional data:
Total assets $214,000
Common stockholders’ equity $116,000
Preferred dividends…
Chapter 5 Solutions
Intermediate Accounting
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