✔ 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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