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    Weekly Output Answer Other Comprehensive Income

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    Hannah Kat
    Gianna Company began the year with $2 million in inventory and purchased $7.5 million of inventory during the year. After returns and allowances of $500,000, they had $9 million of inventory available for sale. With $2.8 million remaining at year-end, their cost of goods sold was $6.2 million. Based on a cost of goods sold rate of 80%, their net sales were $7.75 million with additional returns and allowances of $750,000 bringing their gross sales to $8.5 million.

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    Weekly Output Answer Other Comprehensive Income

    Uploaded by

    Hannah Kat
    15 views1 page
    Gianna Company began the year with $2 million in inventory and purchased $7.5 million of inventory during the year. After returns and allowances of $500,000, they had $9 million of inventory available for sale. With $2.8 million remaining at year-end, their cost of goods sold was $6.2 million. Based on a cost of goods sold rate of 80%, their net sales were $7.75 million with additional returns and allowances of $750,000 bringing their gross sales to $8.5 million.

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    WEEKLY-OUTPUT-ANSWER-OTHER-COMPREHENSIVE-INCOME.xlsx

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    Gianna Company began the year with $2 million in inventory and purchased $7.5 million of inventory during the year. After returns and allowances of $500,000, they had $9 million of inventory available for sale. With $2.8 million remaining at year-end, their cost of goods sold was $6.2 million. Based on a cost of goods sold rate of 80%, their net sales were $7.75 million with additional returns and allowances of $750,000 bringing their gross sales to $8.5 million.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    15 views1 page

    Weekly Output Answer Other Comprehensive Income

    Uploaded by

    Hannah Kat
    Gianna Company began the year with $2 million in inventory and purchased $7.5 million of inventory during the year. After returns and allowances of $500,000, they had $9 million of inventory available for sale. With $2.8 million remaining at year-end, their cost of goods sold was $6.2 million. Based on a cost of goods sold rate of 80%, their net sales were $7.75 million with additional returns and allowances of $750,000 bringing their gross sales to $8.5 million.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 1

    GIANNA COMPANY

    INVENTORY-JANUARY 1 2,000,000.00
    PURCHASES 7,500,000.00
    PURCHASE RETURNS & ALLOWANCES (500,000.00)
    GOODS AVAILABLE FOR SALE 9,000,000.00
    INVENTORY-DECEMBER 31 (2,800,000.00)
    COST OF GOODS SOLD 6,200,000.00

    NET SALES (6,200,000 / 80%) 7,750,000.00


    SALES RETURNS & ALLOWANCES 750,000.00
    GROSS SALES 8,500,000.00

    THORPE COMPANY
    NET INCOME 7,410,000.00
    UNREALIZED LOSS ON FINANCIAL ASSET AT FVOCI 540,000.00
    ADJUSTMENT OF PROFIT OF PRIOR YEAR FOR ERROR
    IN DEPRECIATION, NET OF TAX EFFECT 750,000.00
    GAIN FROM GAIN IN FAIR VALUE ATTRIBUTABLE
    TO CREDIT RISK OF FINANCIAL LIABILITY
    DESIGNATED AT FVPL (500,000.00)
    ADJUSTED NET INCOME 8,200,000.00

    DIVINA COMPANY
    INCOME FROM CONTINUING OPERATIONS 4,000,000.00
    INCOME FROM DISCONTINUED OPERATION 500,000.00
    UNRELIZED GAIN ON FINANCIAL ASSET - FVPL 800,000.00
    NET INCOME 5,300,000.00

    UNREALIZED LOSS ON EQUITY INVESTMENT-FVOCI (1,000,000.00)


    UNREALIZED GAIN ON DEBT INVESTMENT-FVOCI 1,200,000.00
    UNREALIZED GAIN ON FUTURES CONTRACT
    DESIGNATED AS CASH FLOW HEDGE 400,000.00
    TRANSLATION LOSS ON FOREIGN OPERATION (200,000.00)
    NET MEASUREMENT GAIN ON DEFINED BENEFIT PLAN 600,000.00
    LOSS ON CREDIT RISK OF FINANCIAL LIABILITY AT FVPL (300,000.00)
    REVALUATION SURPLUS DURING THE YEAR 2,500,000.00
    OCI 3,200,000.00

    NET INCOME 5,300,000.00


    OCI 3,200,000.00
    TOTAL COMPREHENSIVE INCOME 8,500,000.00

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