Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.7 points for meeting the requirements; maximum of 2 points for especially impressive work The purpose of this assignment is to familiarize you with comprehensive

1.7 points for meeting the requirements; maximum of 2 points for especially impressive work

The purpose of this assignment is to familiarize you with comprehensive income.

Please obtain the annual report (or 10-K) of any publicly traded company. You may not use a database service that provides financial statement data; you must use original financial statements. Attach a PDF document of only the financial statements needed, not the whole annual report. Highlight the relevant lines and accounts on the financial statements.

1. Choose any publicly traded company other than Tesla. Company name:

2. Obtain the most recent annual report or 10K. Must be fiscal year 2018 or later. Max 1 point for earlier years.

3. Print out or save a PDF of the income statement and statement of comprehensive income.

4. What was net income for the most recent year? Answer and highlight or circle on the income statement. Be sure to include dollar signs and indicate whether amounts or in millions.

5. What was comprehensive income for the most recent year? Answer and highlight or circle on the statement of comprehensive income.

6. What was other comprehensive income for the year? Answer and highlight or circle on the statement of comprehensive income.

7. Based on your previous three answers, complete the following

Net Income

Plus: OCI

equals: Comprehensive Income

8. What type of items go in other comprehensive income? Answer in your own words. You can guess and speculate.

9. Print or save a PDF of the balance sheet.

10. What were the balances in beginning and ending retained earnings? Answer and circle.

beginning retained earnings

ending retained earnings

11. What were the balances in beginning and ending accumulated other comprehensive income? Answer and circle.

beginning accumulated other comprehensive income

ending accumulated other comprehensive income

12. Print or save a PDF of the statement of owners equity.

13. Explain the changes in Retained earnings:

Beginning retained earnings

Plus: Net Income

Less: Dividends

Other adjustments

Ending retained earnings

14. Explain the changes in Accumulated Other Comprehensive Income (AOCI).

Beginning AOCI

Other Comprehensive Income

Ending AOCI

15. Attach or paste your marked-up financial statements. They should be in PDF format as issued by the company, not from some external database like Google or Yahoo.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Aviation Tax IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304131696, 978-1304131690

More Books

Students also viewed these Accounting questions