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Korte Company reported the following information for 2014:

Sales Revenue 500,000


Cost of Goods Sold 350,000
Operating Expenses 55,000
Unrealized holding gain on equity securities 20,000
Cash dividends received on the securities 2,000

For 2014, Korte would report comprehensive income before tax of

For the year ended December 31, 2014, Traffic Inc. reported the following:
Net income 180,000
Preference share dividend declared 30,000
Ordinary share dividend declared 6,000
Unrealized holding loss, net of tax 3,000
Retained Earnings240,000
Ordinary share capital 120,000
Accumulated OCI, beginning balance, net of tax 15,000
What would Traffic report as its ending balance of Accumulated OCI?

Presented below is selected information pertaining to the Bone Capital:.


Cash balance, January 1, 2011 13,000
Accounts Receivable, January 1, 2011 19,000
Collections from customer in 2011 210,000
Capital account balance, January 1, 2011 38,000
Total Assets, January 1, 2011 75,000
Cash Investment added, July 1,2011 5,000
Total Assets, December 31, 2011 101,000
Cash Balance, December 31, 2011 20,000
Accounts Receivable, December 31, 2011 36,000
Merchandise taken for personal use during 2011 11,000
Total Liabilities, December 31, 2011 41,000

How much is the net income for 2011?

Mount Isarog Company provides the following data for the current year:
Retained Earnings, January 1 3,000,000
Dividends 1,000,000
Sales 8,350,000
Dividends Income 100,000
Inventory, January 1 1,040,000
Purchases 3,720,000
Salaries 1,540,000
Contribution to employees pension fund 280,000
Delivery 205,000
Miscellaneous Expense 125,000
Doubtful accounts expense 10,000
Depreciation Expense 85,000
Loss on sale of securities 40,000
Loss on inventory write-down 150,000
Income Tax 735,000

What is the cost of goods sold?


What is the income from continuing operations?
What is the balance of retained earnings on December 31?

Dahlia Company provided the following information for the current year:

Sales 9,500,000
Interest Revenue 250,000
Gain on sale of equipment 100,000
Revaluation surplus 1,200,000
Share in profit associate 350,000
Cost of Goods sold 6,000,000
Finance cost 150,000
Distribution Cost 500,000
Administrative Expenses 300,000
Translation loss on foreign operation 200,000
Income tax expense 950,000

What is the net income for the current year?


What is the comprehensive income for the current year?

Bangladesh Company provided the following information for the current year:
Sales 50,000,000
Cost of goods sold 30,000,000
Distribution Cost 5,000,000
General and administrative expenses 4,000,000
Interest Expense 2,000,000
Gain on early extinguishment of long term debt 500,000
Correction of inventory error, net of income tax credit 1,000,000
Investment Income equity method 3,000,000
Income tax expense 5,000,000
Gain on expropriation 2,000,000
Dividends declared 2,500,000

What is the income from continuing operations?

Igloo Company provided the following information for the current year:
Uncollectible accounts expense 2,000,000
Freight out 3,500,000
Cost of sales 40,000,000
Loss on sale of equipment 1,500,000
Loss on typhoon 3,000,000
Sales 90,000,000
Interest Income 4,000,000
Administrative Cost 10,000,000
Finished Goods inventory, January 1 60,000,000
Sales Commissions 7,000,000
Finished Goods Inventory, December 31 55,000,000
Income tax rate 30%

What amount should be reported as income from continuing operations?

Alfred Company had the following events and transactions during 2013:
Depreciation for 2011 was overstated by 300,000
A litigation settlement resulted in a loss of 250,000
The inventory on December 31, 2011 was overstated by 200,000
The entity disposed of a recreational division at a loss of 500,000

The income tax rate is 30%. What is the effect of these events on the income from continuing operations
for 2013?

Ken Company reported the following data for the current year:
Income from continuing operations 250,000
Net Income 405,000
Selling and administrative expenses 2,250,000
Income before income tax 900,000

What amount should be reported as income or loss from discontinued operations?