A recent statement of comprehensive income for the Procter & Gamble Company was disclosed as follows (all

Question:

A recent statement of comprehensive income for the Procter & Gamble Company was disclosed as follows (all amounts in millions):

Procter & Gamble Company

Statement of Comprehensive Income

For the Fiscal Year Ending June 30, 2002

Net earnings .................$4,352

Other comprehensive income:

Foreign currency translation ........... 263

Net investment hedges, net of $238 tax benefit .... (397)

Other, net of tax benefit ............. (106)

Total comprehensive income ...........$4,112

The balance sheet dated June 30, 2001, showed a retained earnings balance of $10,451 and an accumulated other comprehensive loss of $2,120. The company paid $2,823 in dividends during the fiscal year.

a. What is the total other comprehensive income or loss for Procter & Gamble for the fiscal year ended June 30, 2002?

b. What percentage decline did other comprehensive items have on net income in determining total comprehensive income?

c. What was the June 30, 2002 balance of

(1) Retained earnings

(2) Accumulated other comprehensive income?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...