Apex Corporation reports a net income of $780,000 for the fiscal year. During the same period, the company experiences an unrealized gain on available-for-sale securities (net of tax) of $15,000 and a foreign currency translation adjustment (net of tax) of ($8,000). What is Apex Corporation's other comprehensive income (OCI) and comprehensive income for the year?

Apex Corporation reports a net income of $780,000 for the fiscal year. During the same period, the company experiences an unrealized gain on available-for-sale securities (net of tax) of $15,000 and a foreign currency translation adjustment (net of tax) of ($8,000). What is Apex Corporation's other comprehensive income (OCI) and comprehensive income for the year?

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 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Similar questions

The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $240,000 and an unrealized loss on debt securities of $80,000. The company’s effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax.Required:Prepare a separate statement of comprehensive income for 2021.
i have completed this in excel but would like to compare my answers
please help and provide solution with all working
Please Do not Give image format
Crypto Corporation recognizes net income of $150,000 along with an other comprehensive gain of $32,400 (pre-tax) for the current year ended December 31. The prior year December 31 balance in accumulated other comprehensive income is $68,400 (credit balance), and the balance in retained earnings is $48,000 (credit balance). Assume a tax rate of 25%. a. Prepare a statement of comprehensive income for the current year, and what is the AOCI account balance.
Westwind Corporation reports the following results for the current year: Gross profit on sales $250,000 Long-term capital gain 25,000 Long-term capital loss 10,000 Short-term capital gain 7,500 Short-term capital loss 12,500 Operating expenses 80,000 What are Westwind's taxable income and regular tax liability before credits for the current year?
How much is the restated balance of AMSTERDAM's retained earnings account at January 1, 2021?
O’Reilly Beverage Company reported net income of $650,000 for 2021. In addition, the company deferred a $60,000 pretax loss on derivatives and had pretax net unrealized gains on debt securities of $40,000. Prepare a separate statement of comprehensive income for 2021. The company’s income tax rate is 25%.
Pecorino Company had pretax financial income of P2,500,000 in the current year. The entity made corporate estimated tax payment in the amount of 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received 360,000 Tax depreciation in excess of financial statement amount 160,000 Rent received in advance 280,000 Corporate tax rate 30% What amount of income tax payable should be reported?a. 498,000b. 606,000c. 330,000d. 570,000
What is the 2016 net income?
A domestic corporation started its operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available: YEAR RCIT MCIT 2012 25,000 100,000 2013 100,000 150,000 2014 300,000 190,000 2015 250,000 300,000 2016 100,000 50.000 2017 70,000 50.000 2018 5.000 40.000 2019 85,000 60,000 How much is the income tax payable for the year 2018 and 2019, respectively? O 50,000 : 70.000 O 40,000 ; 85,000 O 40,000: 50,000 O None of the choices
The following information relating to the year ending 30 June 2023 for Penrith Ltd has been obtained from the company's records. Profit for year before further adjustments and tax Retained earnings (1 July 2022) General reserve Revaluation surplus Interim dividend paid Development costs Share Capital $33 000 5 500 3 000 increase the general reserve by $1000 2 500 5 000 4. provide for an estimated tax expense and current tax liability of $7500 on 2022-23 profita 3 500 100 000 On 30 June 2023, the directors decided to: 1. recommend a final cash dividend of $7000, to be ratified by shareholders at the Annual General Meeting to be paid on 15 August 2023. 2. write off development costs 3.