Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brief Exercise 4-10 (Algo) Comprehensive income [LO4-6] O'Reilly Beverage Company reported net income of $780,000 for 2021. In addition, the company deferred a $55,000

image text in transcribed

Brief Exercise 4-10 (Algo) Comprehensive income [LO4-6] O'Reilly Beverage Company reported net income of $780,000 for 2021. In addition, the company deferred a $55,000 pretax loss on derivatives and had pretax net unrealized gains on debt securities of $25,000. Prepare a separate statement of comprehensive income for 2021. The company's income tax rate is 25%. (Amounts to be deducted should be indicated with a minus sign.) Net income (loss) O'REILLY BEVERAGE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2021 Other comprehensive income (loss): Loss on derivatives Gain on debt securities Total other comprehensive income (loss) Comprehensive income (loss)

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

Step: 3

blur-text-image

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

Financial Accounting Tools for business decision making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

978-1119191674, 047053477X, 111919167X, 978-0470534779

More Books

Students also viewed these Accounting questions

Question

Distinguish between short-term and long-term goals.

Answered: 1 week ago

Question

3-1. Give an example of hierarchical planning in an organization.

Answered: 1 week ago