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The following is from the 2013 annual report of Kaufman Chemicals. Inc. Statements of...

Question:

The following is from the 2013 annual report of Kaufman Chemicals. Inc.

Statements of Comprehensive Income

Year Ended December 31 2013 ($ in millions) 2012($ in millions) 2011 ($ in millions)
Net income $977 $807 $662
Other comprehensive income:
Change in net unrealized gains on investments, net of tax of $30, ($18), and $20 in 2013, 2012, and 2011, respectively 42 (26) 26
Other (4) (2) 2
Total comprehensive income $1,015 $779 $690

Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows:

2013 ($ in millions) 2012($ in millions)
Shareholders' equity:
Common stock 390 390
Additional paid-in capital 9,282 9,282
Retained earnings 8,362 7,806
Accumulated other comprehensive income 132 94
Total shareholders' equity $18,166 $17,572

Required:

From the information provided, determine how Kaufman calculated the $132 million accumulated other comprehensive income in 2013.

($ in millions)
Accumulated other comprehensive income 2012
Change in net unrealized gains on investments
Change in "other"
Accumulated other comprehensive income 2013

Income Statement:

Income statement helps in determining the net income of the company. The net income is calculated deducting all the expenses (direct and indirect expenses) from the sales revenue of the company earned during a year.

Answer and Explanation:

Particular ($ in millions)
Accumulated other comprehensive income 2012 94
Change in net unrealized gains on investments 42
Change in "other" -4
Accumulated other comprehensive income 2013 132


Learn more about this topic:

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What Is an Income Statement? - Purpose, Components & Format

from Accounting 101: Financial Accounting

Chapter 2 / Lesson 2
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