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Exercise 18-1 (Algo) Comprehensive Income [LO18-2] The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Years Ended December 31 Statements of Comprehensive Income Net income 2024 $ 878 2023 2022 $ 708 $ 563 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $20, ($18), and $18 in 2024, 2023, and 2022, respectively 33 (2) (26) 25 (1) $ 909 $681 Other Total comprehensive income $ 589 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 2023 $ 340 $340 8,373 8,373 7,453 107 $ 16,273 6,897 76 $ 15,686 Required: 3. From the information provided, determine how Kaufman calculated the $107 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Accumulated other comprehensive income, 2023 Change in net unrealized gains on investments Change in "other" ($ in millions) Accumulated other comprehensive income, 2024 $

Exercise 18-1 (Algo) Comprehensive Income [LO18-2] The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Years Ended December 31 Statements of Comprehensive Income Net income 2024 $ 878 2023 2022 $ 708 $ 563 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $20, ($18), and $18 in 2024, 2023, and 2022, respectively 33 (2) (26) 25 (1) $ 909 $681 Other Total comprehensive income $ 589 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 2023 $ 340 $340 8,373 8,373 7,453 107 $ 16,273 6,897 76 $ 15,686 Required: 3. From the information provided, determine how Kaufman calculated the $107 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Accumulated other comprehensive income, 2023 Change in net unrealized gains on investments Change in "other" ($ in millions) Accumulated other comprehensive income, 2024 $

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...
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Exercise 18-1 (Algo) Comprehensive Income [LO18-2] The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Years Ended December 31 Statements of Comprehensive Income Net income 2024 $ 878 2023 $ 708 2022 $ 563 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $20, ($18), and $18 in 2024, 2023, and 2022, respectively Other 33 (2) (26) (1) 25 1 $ 909 $ 681 $ 589 Total comprehensive income Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 2023 $ 340 8,373 7,453 107 $ 16,273 $ 340 8,373 6,897 76 $ 15,686 Required: 3. From the information provided, determine how Kaufman calculated the $107 million accumulated other comprehensive income in 2024. Note: Negative amount should be Indicated by a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Accumulated other comprehensive income, 2023 Change in net unrealized gains on investments Change in "other" ($ in millions) Accumulated other comprehensive income, 2024 $
Transcribed Image Text:Exercise 18-1 (Algo) Comprehensive Income [LO18-2] The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Years Ended December 31 Statements of Comprehensive Income Net income 2024 $ 878 2023 $ 708 2022 $ 563 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $20, ($18), and $18 in 2024, 2023, and 2022, respectively Other 33 (2) (26) (1) 25 1 $ 909 $ 681 $ 589 Total comprehensive income Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity 2024 2023 $ 340 8,373 7,453 107 $ 16,273 $ 340 8,373 6,897 76 $ 15,686 Required: 3. From the information provided, determine how Kaufman calculated the $107 million accumulated other comprehensive income in 2024. Note: Negative amount should be Indicated by a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Accumulated other comprehensive income, 2023 Change in net unrealized gains on investments Change in "other" ($ in millions) Accumulated other comprehensive income, 2024 $
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