AUDITING+ASSURANCE 12MONTH ACCESS CARD
AUDITING+ASSURANCE 12MONTH ACCESS CARD
17th Edition
ISBN: 9780135635131
Author: ARENS
Publisher: WILEY
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Chapter 5, Problem 28C

1.

To determine

Provide reasons for the conclusions stated.

2.

To determine

Provide reasons for the conclusions stated.

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Can you explain this general accounting question using accurate calculation methods?
A firm has a profit margin of 5% and an equity multiplier of 2.2. Its sales are $310 million, and it has total assets of $124 million. What is its ROE?
On January 1, 2021, Nohara Inc, had cash and share capital of Yen 60,000,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2021, it purchased for cash Yen 20,000,000 of equity securities that it classified as non-trading. It received cash dividends of Yen 4,500,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of Yen 6,500,000 net of tax. Determine the following amounts for 2021: a) Net income. b) Comprehensive income. c) Other Comprehensive Income, and d) Accumulated other comprehensive income (end of 2021).
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