Cheyenne Corporation began operations on January 1, 2020 when $247,000 was invested by shareholders of the company. On March 1, 2020, Cheyenne purchased for cash $111,000 of debt securities that it classified as available-for-sale. During the year, the company received cash interest of $8,800 on these securities. In addition, the company has an unrealized holding loss on these securities of $15,000 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020). (Enter negative amounts using either a negative sign preceding the number e.g. -15 or parentheses e.g. (15).) (a) Net income $enter a dollar amount (b) Comprehensive income / loss $enter a dollar amount (c) Other comprehensive income $enter a dollar amount (d) Accumulated other comprehensive income / loss $enter a dollar amount
Cheyenne Corporation began operations on January 1, 2020 when $247,000 was invested by shareholders of the company. On March 1, 2020, Cheyenne purchased for cash $111,000 of debt securities that it classified as available-for-sale. During the year, the company received cash interest of $8,800 on these securities. In addition, the company has an unrealized holding loss on these securities of $15,000 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020). (Enter negative amounts using either a negative sign preceding the number e.g. -15 or parentheses e.g. (15).) (a) Net income $enter a dollar amount (b) Comprehensive income / loss $enter a dollar amount (c) Other comprehensive income $enter a dollar amount (d) Accumulated other comprehensive income / loss $enter a dollar amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cheyenne Corporation began operations on January 1, 2020 when $247,000 was invested by shareholders of the company. On March 1, 2020, Cheyenne purchased for cash $111,000 of debt securities that it classified as available-for-sale. During the year, the company received cash interest of $8,800 on these securities. In addition, the company has an unrealized holding loss on these securities of $15,000 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020). (Enter negative amounts using either a negative sign preceding the number e.g. -15 or parentheses e.g. (15).)
| (a) | Net income |
$enter a dollar amount
|
||
|---|---|---|---|---|
| (b) | Comprehensive income / loss |
$enter a dollar amount
|
||
| (c) | Other comprehensive income |
$enter a dollar amount
|
||
| (d) | Accumulated other comprehensive income / loss |
$enter a dollar amount
|
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