Wednesday, October 14, 2015

Comprehensive Income – Exercises

Intermedia Co. reports the following information for 2010, sales revenue $750,000 ; cost of goods sold $500,000 ; operating expanses $80,000 ; and an unrealized holding loss on non-trading equity securities for 2010 of 2010 $50,000. It declared and paid cash dividend of $10,000 in 2010.
Intermedia Co. has January 1,2010, balances in share capital-ordinary $350,000 ; accumalated other comprehensive income related to the unrealized holding loss of $80,000 ; and retained earning $90,000. It issued no ordinary shares during 2010. Ignore income taxes.
Introduction :
1.    Prepare a statement of comprehansive  income.
2.    Prepare a statement of change in equity.

Answer :
1.    Comprehansive Income.
Intermedia Co.
Statement of Comprehensive Income
For the year ended december 31, 2010
Sales Revenue                                                          $750,000
Cost of good sold                                                    (500,000)
Gross Profit                                                               200,000
Operating Expanses                                                  (80,000)
Net Income                                                               120,000
Other Comprehensive Income
     Unrealized Holding Gain, Net a tax                      50,000
Comprehensive Income                                             170,000


2.    Statement of Change in Equity
Intermedia Co.
Statement of Changes In Equity
For The Year Ended December 31, 2010

Share Capital - Ordinary
Retained Earnings
Unrealized Gains on Non-Trading Equity Securities
Total Equity
Beginning Balance
Total Comprehensive Income
Dividens
Ending Balance
$350,000

           
$350,000
$90,000
170,000
(10,000)
$250,000
$80,000
50,000

$130,000
$520,000
$220,000
(10,000)
$730,000


Intermedia Co.
Statement of Financial Position
For The Year Ended December 31, 2010
Equity
     Share Capital – Ordinary                                                                $350,000
     Retained Earnings                                                                             250,000
     Accumulated other comprehensive income                                      130,000
Total Equity                                                                                        $730,000

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