The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Years Ended December 31 Statements of Comprehensive Income Net income 2024 $ 823 2023 $ 653 2022 $ 508 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $15, ($13), and $13 in 2024, 2023, and 2022, respectively 27 (2) (20) (1) 22 2 $ 848 $ 632 $ 532 Other Total comprehensive income Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 2023 $ 315 7,868 $ 315 7,868 6,948 91 $ 15,222 6,392 66 $ 14,641 Required: 3. From the information provided, determine how Kaufman calculated the $91 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). ($ in millions) Accumulated other comprehensive income, 2023 Accumulated other comprehensive income, 2024
The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Years Ended December 31 Statements of Comprehensive Income Net income 2024 $ 823 2023 $ 653 2022 $ 508 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $15, ($13), and $13 in 2024, 2023, and 2022, respectively 27 (2) (20) (1) 22 2 $ 848 $ 632 $ 532 Other Total comprehensive income Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 2023 $ 315 7,868 $ 315 7,868 6,948 91 $ 15,222 6,392 66 $ 14,641 Required: 3. From the information provided, determine how Kaufman calculated the $91 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). ($ in millions) Accumulated other comprehensive income, 2023 Accumulated other comprehensive income, 2024
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following is from the 2024 annual report of Kaufman Chemicals, Incorporated:
Years Ended December 31
Statements of Comprehensive Income
Net income
2024
$ 823
2023
2022
$ 653
$ 508
Other comprehensive income:
Change in net unrealized gains on AFS investments, net of tax of
$15, ($13), and $13 in 2024, 2023, and 2022, respectively
27
(2)
$ 848
$ 632
22
2
Other
Total comprehensive income
(20)
(1)
$ 532
Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows:
($ in millions)
Shareholders' equity:
Additional paid-in capital
Common stock
Retained earnings
Accumulated other comprehensive income
2024
2023
$ 315
7,868
$ 315
7,868
6,948
91
6,392
66
$ 15,222
$ 14,641
Total shareholders' equity
Required:
3. From the information provided, determine how Kaufman calculated the $91 million accumulated other comprehensive income in
2024.
Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as
10).
($ in millions)
Accumulated other comprehensive income, 2023
Accumulated other comprehensive income, 2024
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