The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: 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 2024, 2023, and 2022, respectively Other Total comprehensive income 2024 $ 856 2023 $ 766 Years Ended December 31 2022 $ 594 34 (2) (21) (1) 23 1 $ 888 $ 744 $ 618 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2024 2023 Shareholders' equity: Common stock Additional paid-in capital $ 355 8,567 $ 355 8,567 Retained earnings Accumulated other comprehensive income 6,544 107 5,988 75 Total shareholders' equity $ 15,573 $ 14,985 Required: 3. From the information provided, determine how Kaufman calculated the $107 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). ($ in millions) Accumulated other comprehensive income, 2023 Accumulated other comprehensive income, 2024

The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: 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 2024, 2023, and 2022, respectively Other Total comprehensive income 2024 $ 856 2023 $ 766 Years Ended December 31 2022 $ 594 34 (2) (21) (1) 23 1 $ 888 $ 744 $ 618 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2024 2023 Shareholders' equity: Common stock Additional paid-in capital $ 355 8,567 $ 355 8,567 Retained earnings Accumulated other comprehensive income 6,544 107 5,988 75 Total shareholders' equity $ 15,573 $ 14,985 Required: 3. From the information provided, determine how Kaufman calculated the $107 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). ($ in millions) Accumulated other comprehensive income, 2023 Accumulated other comprehensive income, 2024

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...

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The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Years Ended December 31 2024 2023 2022 Net income $ 900 $ 730 $ 585 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $23, ($20), and $20 in 2024, 2023, and 2022, respectively 35 (28) 28 Other (1) (2) 1 Total comprehensive income $ 934 $ 700 $ 614 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2024 2023 Shareholders’ equity: Common stock $ 350 $ 350 Additional paid-in capital 8,575 8,575 Retained earnings 7,655 7,099 Accumulated other comprehensive income 114 80 Total shareholders’ equity $ 16,694 $ 16,104 Required: 3. From the information provided, determine how Kaufman calculated the $114 million accumulated other comprehensive income in 2024.
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