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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