A company reported the below information as of December 31st. Ignoring income taxes, what amount should the company report comprehensive income as of December 31st?
Sales revenue $350,000
Cost of goods sold $150,000
Operating expenses $110,000
Foreign currency translation gain $25,000
_ $90,000
_$125,000
_$110,000
_$115,000
Sales revenue $350,000
Cost of Good Sold (150,000)
Gross Profit 200,000
Operating Expenses (110,000)
Net Income $90,000
Net Income $90,000
Other Comprehensive Income:
Foreign currency translation gain 25,000
Comprehensive Income $115,000
Net Income $90,000 ($350,000-$150,000-$110,000)
Add: OCI gain $25,000
Comprehensive Income $115,000
My answer: $115,000