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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear

Refer to the 10-K. reports of Under Armour, Inc., and Columbia Sportswear that arc available for download from the companion website at CengageBrain.com.

Required:

  1. Calculate Under Armour’s and Columbia’s interest earned (accrual) for 2015 and 2016. For Under Armour, the income tax expense can be found on the income statement, while the interest expense can be found in the last paragraph of Note 7. The interest payments and income tax payments can be found on the statement of cash flows. For Columbia, the interest and income tax expenses are on the income statement, while information about the payments is in Note V.

To determine

Introduction:

Interest income is earned when a company invests money in another company or investment. In such a case, the company receives a regular return which recorded as interest income.

Interest income for U.A. Inc. and C.S. for year 2015 and 2016.

Explanation

Interest Income is recorded by the company on receiving interest for the investments made in another company.

The company earns this interest from the side investments and thus, reports it as Non-operating interest income as it has been received from other course of business and not business operations...

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