Please compute for the comprehensive income of liberty company. Thank you How much is the comprehensive income of Liberty Company forthe current year?The adjusted trial balance of Liberty Company included the following accounts for thecurrent year:SalesCost of goods soldP 9,750,0003,500,000Share of profit of associate150,000Gain on sale of equipmentAdministrative expensesImpairment loss on machineryInterest revenueTranslation gain on foreign operation80,000250,0002100018,000300,000Distribution Costs450,00023,000350,000Unrealized loss on debt investment measured at FVOCIFinance costLoss on sale of trading securities45,000Income tax30%Unrealized loss on forward contract designated as cash flow hedge200,000

Comprehensive income refers to total income of a Company. It can be calculated as under:…

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Please compute for the comprehensive income of liberty company. Thank you

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please compute for the comprehensive income of liberty company. Thank you

How much is the comprehensive income of Liberty Company for
the current year?
The adjusted trial balance of Liberty Company included the following accounts for the
current year:
Sales
Cost of goods sold
P 9,750,000
3,500,000
Share of profit of associate
150,000
Gain on sale of equipment
Administrative expenses
Impairment loss on machinery
Interest revenue
Translation gain on foreign operation
80,000
250,000
21000
18,000
300,000
Distribution Costs
450,000
23,000
350,000
Unrealized loss on debt investment measured at FVOCI
Finance cost
Loss on sale of trading securities
45,000
Income tax
30%
Unrealized loss on forward contract designated as cash flow hedge
200,000

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