Chapter 8, Problem 8.13MCE

What is the amount of consolidated net income for the year 2012?

General accounting question

Help this correct answer this Accounting question

Everest Global Corporation earned $5,200,000 in net income after taxes for the year ended December 31, 2023. The company reported $400,000 of net unrealized gains onavailable-for-sale securities, net of taxes, and $180,000 in foreign currency translation gains from the consolidation of its Canadian subsidiary company,net of taxes. Prepare the Statement of Comprehensive Income for Everest Global Corporation for the year ended December31, 2023.

I am trying to find the accurate solution to this financial accounting problem with appropriate explanations.

I am looking for the correct answer to this general accounting problem using valid accounting standards.

Accounting solution and correct

Prepare the December 31 journal entry for Marr Ltd

Your accounting supervisor asked you to determine the reportable amount of inventory in the statement of financial position under: (1) FIFO cost flow assumption (Answer should be: 95,450) (2) Weighted Average Cost Flow Assumption (Answer should be: 79,650) (3) Moving Average Cost Flow Assumption (Answer should be: 66,000)