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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The following is from the 2021 annual report of Kaufman Chemicals, Inc.: 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 2021, 2020, and 2019, respectively Other Total comprehensive income Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2020 355 8,567 6,544 197 $15,573 Accumulated other comprehensive income, 2021 355 8,567 5,988 75 $14,985 Years Ended December 31 2019 2821 $856 ($ in millions) 34 (2) Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2821 2020 $888 2020 $766 (21) (1) $744 $594 Required: 4. From the information provided, determine how Kaufman calculated the $107 million accumulated other comprehensive income in 2021. (Negative…
The following is from the 2021 annual report of Kaufman Chemicals, Inc.: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $25, ($13), and $22 in 2021, 2020, and 2019, respectively Other Total comprehensive income Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2020 365 8,777 7,857 119 $17,118 Accumulated other comprehensive income, 2021 Years Ended December 31 2019 365 8,777 7,301 84 $16,527 ($ in millions) 2021 $922 38 (3) Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2021 2020 $957 2020 $752 (24) (1) $727 $607 Required: 4. From the information provided, determine how Kaufman calculated the $119 million accumulated other comprehensive income in 2021. (Negative…
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Compute ROA and adjusted ROA CSX Corporation reported the following in its tax footnote to its 2019 financial statements. Use this information to answer the requirements. $ millions 2019 2018 2017 Net income $3,331 $3,309 $5,471 Interest expense, net 737 639 546 Average total assets 37,493 36,234 35,577 Compute (a) return on assets and (b) the adjusted return on assets for each of the three years. Assume a statutory tax rate of 37% for 2017 and 22% for 2018 and 2019. a. Compute return on assets (ROA) for 2017, 2018, and 2019 Note: 1. Select the appropriate numerator and denominator used to compute ROA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute ROA for each year. Year Numerator Denominator ROA AnswerNet incomeNet income (adjusted)Interest expense, netAverage total assetsAverage total equity AnswerNet incomeNet income (adjusted)Interest expense, netAverage total assetsAverage total equity 2017 Answer…
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Pretax financial statement income for the year ended December 31, 2024 was $180 million for Wilton Company. Wilton's taxable income was $120 million. This was a result of differences between depreciation for financial reporting purposes and tax purposes. The enacted tax rate is 20% for 2024 and 25% thereafter. What amount should Wilton report as the current portion of income tax expense for 2024? $45 million $24 million $30 million $36 million
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The pretax financial income (or loss) figures for Marin Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (43,000 ) 2020 116,000 2021 104,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary. Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a credit amount enter an account title to record carryback enter a debit amount enter a credit amount 2018 enter an account title to record carryforward enter a debit amount enter a…
The pretax financial income (or loss) figures for Shamrock Company are as follows. 2017 81,000 2018 (51,000 ) 2019 (35,000 ) 2020 111,000 2021 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a…