Flounder Corporation began operations on January 1, 2020 when $230,000 was invested by shareholders of the company. On March 1, 2020, Flounder purchased for cash $101,000 of debt securities that it classified as available-for-sale. During the year, the company received cash interest of $8,900 on these securities. In addition, the company has an unrealized holding loss on these securities of $13,100 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020). (Enter negative amounts using either a negative sign preceding the number e. g. - 15 or parentheses e. g. (15).)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Flounder Corporation began operations on January 1, 2020 when $230,000 was invested by shareholders of the company. On March 1, 2020, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
has $ 8 comma 400 cash on hand on October 1. The company requires a minimum cash balance of $ 7 comma 300. October cash collections are $ 548 comma 310. Total cash payments for October are $ 578 comma 140. Prepare a cash budget for October.
Answers (1)
Next, can you identify what the source is trying to accomplish by providing this information? As you read the article, think about what the writer's agenda might be with regard to human meat consumption.
Answers (1)
Hyu Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 55,400 labor-hours.
Answers (1)
The unit explained that scientists often use estimation when studying and learning about the universe and astronomy.
Answers (1)
Describe at least three risks a company might face if it participates in global trade.
Answers (1)
New Questions in Business
Why are career clusters useful in a career search?
Answers (1)
Sumaira is scared that she will not find a job in the current economy. she decides to be a business major and attend one of the top business schools in the country. upon graduation, she is hired by a major investment banking firm in new york.
Answers (1)
Whenever Josh goes to his favorite restaurant, he wants to buy tiramisu, his favorite dessert. Despite the fact he would enjoy the flavor of the tiramisu the same amount every time, Josh only buys it when he would be the only one having dessert.
Answers (1)
A 1,500,000 SF plant employs 300 people and produces 177,000 LCD panel per month. The plant is idle, on average, 2 months each year for maintenance, repairs, and retooling.
Answers (1)
This year Aetna announced it was moving out of Hartford, Connecticut, where it had held it headquarters for over 100 years. The announcement sent shockwaves through an already economically challenged state.
Answers (2)