Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

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Answer 1

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Chapter 5, Problem 22GI

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Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

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On December 31, calculated the payroll, which indicates gross earnings for wages ($460,000), payroll deductions for income tax ($48,000), payroll deductions for FICA ($40,000), payroll deductions for United Way ($6,000), employer contributions for FICA (matching), and state and federal unemployment taxes ($4,000). Employees were paid in cash, but payments for the corresponding payroll deductions have not been made and employer taxes have not yet been recorded. Collected rent revenue of $2,100 on December 10 for office space that Sandler rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the entries required on December 31 to record payroll, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any liabilities related to these items should be reported on the company’s balance sheet at December 31

Answer 2

Question

Chapter 5, Problem 22GI

To determine

Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

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Answer 3

Question

Chapter 5, Problem 22GI

To determine

Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

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Answer 4

Question

Chapter 5, Problem 22GI

To determine

Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

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Answer 5

Chapter 5, Problem 22GI

To determine

Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

Answer 6

Chapter 5, Problem 22GI

To determine

Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

Answer 7

Chapter 5, Problem 22GI

To determine

Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 5 - In general, how does the income statement help...Ch. 5 - Prob. 2GI Ch. 5 - Define income under the capital maintenance...Ch. 5 - Prob. 4GI Ch. 5 - What is net income?Ch. 5 - What three things must a company determine to...Ch. 5 - Prob. 7GI Ch. 5 - Prob. 8GI Ch. 5 - Give an example and explanation for each of the...Ch. 5 - Define expenses. What do expenses measure?

Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

Solution Summary: The author explains the four items of other comprehensive income under U.S GAAP.

Describe the items that are included in the comprehensive income, and state the four items of other comprehensive income under U.S GAAP.

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