Q44. The following information pertains to Junction Ltd Corporation: Income from continuing operations: $1,273,000 Loss from discontinued operations: $140,000 Gain on sale from discontinued operations: $31,400 Net foreign exchange gain (loss) on translation of foreign operation: $33,380 Net gain (loss) relating to cash flow hedges: $10,270 Actuarial losses on net defined-benefit plans: $24,500 Revaluation gains: $14,000 Required: Prepare a partial continuous statement of comprehensive Income for Junction Ltd. Calculate the tax for each required component (include income tax as a separate item for the components to which they relate using a tax rate of 30%).
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Q44.
The following information pertains to Junction Ltd Corporation:
- Income from continuing operations: $1,273,000
- Loss from discontinued operations: $140,000
- Gain on sale from discontinued operations: $31,400
- Net foreign exchange gain (loss) on translation of foreign operation: $33,380
- Net gain (loss) relating to
cash flow hedges: $10,270 - Actuarial losses on net defined-benefit plans: $24,500
- Revaluation gains: $14,000
Required:
Prepare a partial continuous statement of comprehensive Income for Junction Ltd. Calculate the tax for each required component (include income tax as a separate item for the components to which they relate using a tax rate of 30%).
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- JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative expenses $585,900; unrealized holding loss on available-for-sale securities (considered other comprehensive income) $22,000; a positive foreign currency translation adjustment $26,250 (considered other comprehensive income); and an unrealized loss from pension adjustment (considered other comprehensive income) $7,000. JDW’s tax rate was 21%. Ignore income taxes related to amounts in other comprehensive income. prepare a statement of comprehensive income using the two-statement format. Ignore earnings per share.61. Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? CHOICES: P115,000 P20,000 P117,000 P97,000Darlentina Company provided the following information for the current year: Income from continuing operations P4,000,000 Income from discontinued operations 500,000 Unrealized gain on financial asset-FVPL 800,000 Unrealized loss on equity investment - FVOCI 1,000,000 Unrealized gain on debt investment - FVOCI 1,200,000 Unrealized gain on futures contract designated as a cash flow hedge 400,000 Translation loss on foreign operation 200,000 Net "remeasurement" gain on defined benefit plan 600,000 Loss on credit risk of a financial liability at FVPL 300,000 Revaluation surplus during the year 2,500,000 1. What net amount in OCI should be reclassified to…
- Darlentina Company provided the following information for the current year: Income from continuing operations P4,000,000 Income from discontinued operations 500,000 Unrealized gain on financial asset-FVPL 800,000 Unrealized loss on equity investment - FVOCI 1,000,000 Unrealized gain on debt investment - FVOCI 1,200,000 Unrealized gain on futures contract designated as a cash flow hedge 400,000 Translation loss on foreign operation 200,000 Net "remeasurement" gain on defined benefit plan 600,000 Loss on credit risk of a financial liability at FVPL 300,000 Revaluation surplus during the year 2,500,000 1. What amount should be reported as OCI for the current…In 2021, XYZ Company, a domestic corporation, recorded other income as follows:Realized foreign exchange gain, P26,337,740Dividend from PLDT, P17,213,965Foreign exchange gain resulting from offsetting of accounts, P8,445,934Gain on sale of real properties subjected to CGT, P1,000,000Gain on sale of shares of stock subjected to CGT, P250,000Gain on sale of shares of stock subjected to OPT, P100,000Reversal of prior year provision for bad debts due to over recording in prior year (not claimed as deduction in previous year), P250,000Interest income – Peso deposits – gross of 20% FWT, P5,000,000Interest income – foreign currency deposits – gross of 15% FWT, P3,500,000Interest income from deposits abroad, P1,450,000Interest income on loans to affiliates, P584,116Share in equity earnings of Mabuhay Services, Inc., a local subsidiary, P6,188,779Royalties already subjected to 20% FWT (Gross), P5,661,784Insurance proceeds on casualty losses (recovery of lost profit), P2,358,226How much is the…Following is a list of items relating to the financial statements of YKN Bhd for the year ended 31December 2020• Amortisation of intangible assets of RM346,339• Corporate tax rate is at 24%.• Finance costs of RM831,138• Finance income of RM173,421• Gain due to exchange differences from translating functional currencies into presentationcurrency of RM120,000• Gain on disposals of major subsidiaries amounted to RM1,500• Gain on sales of manufacturing operating segment of RM100,000• Gains on re-measuring available-for-sale investment of RM80,000• Loss on litigation settlements of RM2,125,000• Loss amounted to RM450,000 due to disposal of its cotton mills, which constitute amajor line of business• Loss arising from translating the financial statements of a foreign operation of RM33,000• Loss from disposal of financial assets of RM50,000• Loss on disposals of items of property, plant and equipment of RM34,000• Loss on impairment of goodwill of RM110,000• Loss on re-measuring financial…
- Following is a list of items relating to the financial statements of YKN Bhd for the year ended 31December 2020• Amortisation of intangible assets of RM346,339• Corporate tax rate is at 24%.• Finance costs of RM831,138• Finance income of RM173,421• Gain due to exchange differences from translating functional currencies into presentationcurrency of RM120,000• Gain on disposals of major subsidiaries amounted to RM1,500• Gain on sales of manufacturing operating segment of RM100,000• Gains on re-measuring available-for-sale investment of RM80,000• Loss on litigation settlements of RM2,125,000• Loss amounted to RM450,000 due to disposal of its cotton mills, which constitute amajor line of business• Loss arising from translating the financial statements of a foreign operation of RM33,000• Loss from disposal of financial assets of RM50,000• Loss on disposals of items of property, plant and equipment of RM34,000• Loss on impairment of goodwill of RM110,000• Loss on re-measuring financial…An entity reported the following information for the current year Income from continuing operations 4,000,000 Income from discontinued operation 500,000 Unrealized gain on financial asset - FVPL 800,000 Unrealized loss on equity investment – FVOCI 1,000,000 Unrealized gain on debt investment – FVOCI 1,200,000 Unrealized gain on futures contract designated as a cash flow hedge 400,000 Translation loss on foreign operation 200,000 Net “remeasurement” gain on defined benefit plan during the year 600,000 Loss on credit risk of a financial liability designated at…1. BATO Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a domestic corporation with company assets amounting to more than P100M. Group of answer choices P837,500.00 P800,000.00 P492,500.00 P3,350,000.00 2. LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00 3. YORMS Corp has the following data for the year ended December 31, 2021:…
- A Corporation provided the following information for the current year: Income from continuing operation 2,000,000Loss on credit risk of financial liability at FVPL 200,000Revaluation surplus 1,500,000Loss from discontinued operation 300,000Unrealized gain on financial asset – FVPL 900,000Net “remeasurement” gain on defined benefit plan during the year 400,000 Unrealized gain on equity investment – FVOCI 1,000,000Investment gain on debt investment – FVOCI 900,000Unrealized loss on future contract designated as a cashflow hedge 200,000Translation gain on foreign operation 300,000 [Q7]: Determine the total amount of (21) other comprehensive income and (22) comprehensive income for the current year.An entity provided the following information for the current year:Income from continuing operations 4,000,000 Income from discontinued operation 500,000 Unrealized gain on financial asset – FVPL 800,000 Unrealized loss on equity investment – FVOCI 1,000,000 Unrealized gain on debt investment – FVOCI 1,200,000 Unrealized gain on futures contract designated as a cash flow hedge 400,000 Translation loss on foreign operation 200,000 Net “remeasurement” gain on defined benefit plan during the year 600,000 Loss on…The accountant for Indra Ltd (Indra) has determined the following information for the year ended 30 June 2020. Profit or loss P300,000 Share of total comprehensive income(after tax) of associates 20,000 Share of profit (after tax) of associates 15,000 Exchange difference gain (net of tax of P3,000) on translation of foreign operation up to the date sold (1 March 2020) 7,000 Exchange difference gain (net of tax of P9,000) on disposal of foreign operation recognized in profit for the year 21,000 Increase in asset revaluation surplus(net of tax) 45,000 What is the total amount of other comprehensive income for Indra for the year ended 30 June 2020?