Part 1Newside Corporation reported net income of $180,000180,000 for the current year. It had unrealized gains on available-for-sale debt investment securities of $7,0007,000 after tax and a foreign currency translation loss of $10,50010,500 after tax. The beginning balance of its accumulated other comprehensive income was a credit of $200200.Read the requirements LOADING... . Part 1Requirement a. What is other comprehensive income for the current year? [table]
| Save Accounting Table... | | + | Copy to Clipboard... | | +
[/table] [table]
Other comprehensive income for the current year is a | | of | | .
[/table]Part 2Requirement b. What is comprehensive income for the current year? [table]
| Save Accounting Table... | | + | Copy to Clipboard... | | +
[/table] [table]
The comprehensive income for the current year = |
[/table]Part 3Requirement c. What is the ending balance of accumulated other comprehensive income? [table]
| Save Accounting Table... | | + | Copy to Clipboard... | | +
[/table] [table]
The ending balance of accumulated other comprehensive income is a | | of | | .
[/table] Save Accounting Table...+Copy to Clipboard...+Other comprehensive income for the current year is a[Account]of[Fill in the blank]. [IMPORTANT INSTRUCTION] When returning answers, provide an array for [Fill in the blank] positions ONLY. Skip [Account] cells (these are dropdowns). If a [Fill in the blank] should be empty, return an empty string "" as a placeholder. The array length should equal the number of [Fill in the blank] cells, not total cells.

Question

Part 1Newside Corporation reported net income of ​$180,000180,000 for the current year. It had unrealized gains on​ available-for-sale debt investment securities of ​$7,0007,000 after tax and a foreign currency translation loss of ​$10,50010,500 after tax. The beginning balance of its accumulated other comprehensive income was a credit of ​$200200.Read the requirements LOADING... . Part 1Requirement a. What is other comprehensive income for the current​ year? [table]
| Save Accounting Table... |  | + | Copy to Clipboard... |  | +
[/table] [table]
Other comprehensive income for the current year is a | | of |  | .
[/table]Part 2Requirement b. What is comprehensive income for the current​ year? [table]
| Save Accounting Table... |  | + | Copy to Clipboard... |  | +
[/table] [table]
The comprehensive income for the current year = |
[/table]Part 3Requirement c. What is the ending balance of accumulated other comprehensive​ income? [table]
| Save Accounting Table... |  | + | Copy to Clipboard... |  | +
[/table] [table]
The ending balance of accumulated other comprehensive income is a | | of |  | .
[/table] Save Accounting Table...+Copy to Clipboard...+Other comprehensive income for the current year is a[Account]of[Fill in the blank]. [IMPORTANT INSTRUCTION] When returning answers, provide an array for [Fill in the blank] positions ONLY. Skip [Account] cells (these are dropdowns). If a [Fill in the blank] should be empty, return an empty string "" as a placeholder. The array length should equal the number of [Fill in the blank] cells, not total cells.

BlackTom AI · Accepted Answer

We start by organizing the given information: net income for the year is 180,000. OCI components for the year include an unrealized gain on available-for-sale debt securities of 7,000 after tax (which increases OCI) and a foreign currency translation loss of 10,500 after tax (which decreases OCI). The beginning accumulated OCI balance is a credit of 200.

Option-by-option analysis:
- What is other comprehensive income for the current year?
  The OCI for the current year consists of the net effect of the year’s OCI items: +7,000 (AFS unrealized gain) and −10,500 (foreign currency translation loss). Adding these together yields a net OCI change of 7,000 − 10,500 = −3,500. This means OCI for the current year is a decrease (or negative OCI) of 3,500.
- What is comprehensive income for the current year?
  Comprehensive income equals net income plus other comprehensive income for the year. Here, net income is 180,000 and OCI is −3,500. Therefore, comprehensive income = 180,000 + (−3,500) = 176,500. This reflects that a portion of income is offset by OCI losses, narrowing overall comprehensive income relative to net income alone.
- What is the ending balance of accumulated other comprehensive income?
  Beginning accumulated OCI is a credit of 200. The year’s OCI change is −3,500. Ending accumulated OCI = 200 + (−3,500) = −3,300. A negative (debit) balance indicates the cumulative OCI has moved into a debit position at year-end.

In summary, the year’s OCI change is a negative 3,500; the year’s comprehensive income is 176,500; and the ending accumulated OCI balance is a debit of 3,300. The arithmetic aligns with the classification of OCI items and the starting OCI balance, yielding the net effects described above.

Test:Midterm 1 problems

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