Korte Company reported the following information for 2020: …
Korte Company reported the following information for 2020: Sales revenue $2,500,000 Cost of goods sold 1,750,000 Operating expenses 275,000 Unrealized holding gain on available-for-sale debt securities 85,000 Cash dividends received on the securities 10,000 For 2020, Korte would report comprehensive income of:
Read DetailsDuring the first year of Wilkinson Co.’s operations, all pur…
During the first year of Wilkinson Co.’s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600. The adjusting entry for store supplies will:
Read DetailsMurphy Company sublet a portion of its warehouse for five ye…
Murphy Company sublet a portion of its warehouse for five years at an annual rental of $75,000, beginning on May 1, 2020. The tenant, Sheri Charter, paid one year’s rent in advance, which Murphy recorded as a credit to Unearned Rent Revenue. Murphy reports on a calendar-year basis. The adjustment on December 31, 2020 for Murphy should be:
Read DetailsThe income statement of Dolan Corporation for 2020 included…
The income statement of Dolan Corporation for 2020 included the following items: Interest revenue $141,000 Salaries and wages expense 210,000 Insurance expense 21,200 The following balances have been excerpted from Dolan Corporation’s balance sheets: December 31, 2020 December 31, 2019 Interest receivable $18,200 $15,000 Salaries and wages payable 17,800 8,400 Prepaid insurance 2,200 3,000 The cash received for interest during 2020 was:
Read DetailsFor the year ended December 31, 2020, Transformers Inc. repo…
For the year ended December 31, 2020, Transformers Inc. reported the following: Net income $300,000 Preferred dividends declared 50,000 Common dividend declared 10,000 Unrealized holding loss, net of tax 5,000 Retained earnings 400,000 Common stock 200,000 Accumulated Other Comprehensive Income, Beginning Balance 25,000 What would Transformers report as its ending balance of Accumulated Other Comprehensive Income?
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