MBA Corporation reported net income of P7,410,000 for 2020, which included the following items: Unrealized loss on financial assets at FVOCI (P540,000); Loss from fire (P1,400,000); Gain on early retirement of long term debt: P2,200,000; Gain from change in fair value attributable to credit risk of financial liability designated at FVPL : P500,000; Prior period adjustment for depreciation, net of tax (P750,000). How much is the true net income for 2020? MVP Co. provided these data for 2020:Income from continuing operationsUnrealized gain on financial asset at FVPLUnrealized gain on equity investment at FVOCIUnrealized loss on debt investment at FVOCILoss on credit risk of a financial liability at FVPLunrealized gain on futures contract designated ascash flow hedgeNET remeasurement gain on a defined benefit planTranslation loss on foreign operationIncome from discontinued operationsRevaluation surplusP4,000,000800,0001,000,0001,200,000300,000400,000600,000200,000500,0002,500,000How much should be reported as comprehensive income for2020? The adjusted trial balance of ABC Co. included the followingexpenses for 2020:Accounting and legal feesAdvertisingDoubtful accounts1,450,0001,500,000150,000125,000750,00050,000600,000300,0002,250,000250,0001,800,000Freight inFreight outInsuranceInterest expenseLoss on sale of equipmentOfficers' salariesProperty taxesRent for office spaceResearch and development expense1,000,0001,400,000Sales salaries and commissionsHalf of the rented premises is occupied by the sales department.How much should be reported as distribution costs for 2020?

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Answered: MBA Corporation reported net income of…

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter12: Valuation: Cash-flow Based Approaches

Section: Chapter Questions

Problem 2CIC

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MBA Corporation reported net income of P7,410,000 for 2020, which included the following items: Unrealized loss on financial assets at FVOCI (P540,000); Loss from fire (P1,400,000); Gain on early retirement of long term debt: P2,200,000; Gain from change in fair value attributable to credit risk of financial liability designated at FVPL : P500,000; Prior period adjustment for depreciation, net of tax (P750,000). How much is the true net income for 2020?

MVP Co. provided these data for 2020:
Income from continuing operations
Unrealized gain on financial asset at FVPL
Unrealized gain on equity investment at FVOCI
Unrealized loss on debt investment at FVOCI
Loss on credit risk of a financial liability at FVPL
unrealized gain on futures contract designated as
cash flow hedge
NET remeasurement gain on a defined benefit plan
Translation loss on foreign operation
Income from discontinued operations
Revaluation surplus
P4,000,000
800,000
1,000,000
1,200,000
300,000
400,000
600,000
200,000
500,000
2,500,000
How much should be reported as comprehensive income for
2020?

The adjusted trial balance of ABC Co. included the following
expenses for 2020:
Accounting and legal fees
Advertising
Doubtful accounts
1,450,000
1,500,000
150,000
125,000
750,000
50,000
600,000
300,000
2,250,000
250,000
1,800,000
Freight in
Freight out
Insurance
Interest expense
Loss on sale of equipment
Officers' salaries
Property taxes
Rent for office space
Research and development expense
1,000,000
1,400,000
Sales salaries and commissions
Half of the rented premises is occupied by the sales department.
How much should be reported as distribution costs for 2020?

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