Question
he following is from the 2018 annual report of Kaufman Chemicals, Inc.: Statements of Comprehensive Income Years Ended December 31 2018 2017 2016 Net income
he following is from the 2018 annual report of Kaufman Chemicals, Inc.: Statements of Comprehensive Income Years Ended December 31 2018 2017 2016 Net income $ 867 $ 697 $ 552 Other comprehensive income: Change in net unrealized gains on investments, net of tax of $19, ($17), and $17 in 2018, 2017, and 2016, respectively 32 (25 ) 24 Other (1 ) (1 ) 2 Total comprehensive income $ 898 $ 671 $ 578 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2018 2017 Shareholders equity: Common stock 335 335 Additional paid-in capital 8,272 8,272 Retained earnings 7,352 6,796 Accumulated other comprehensive income 105 74 Total shareholders equity $ 16,064 $ 15,477 Required: 4. From the information provided, determine how Kaufman calculated the $105 million accumulated other comprehensive income in 2018. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started