The following table was taken from the 2008 annual report of Merck & Company, a major U.S.
Question:
The following table was taken from the 2008 annual report of Merck & Company, a major U.S. pharmaceutical company (dollars in millions).
REQUIRED:a. What is comprehensive income and how does it differ from net income?b. This table indicates that Merck carries certain kinds of investments on its balance sheet. What are they, and what happened to the values of those investments in 2008, 2007, and2006?
Transcribed Image Text:
2006 2008 2007 Net income Other comprehensive income (loss) Net unrealized (loss) S4,434 S7,808 S3,275 (80.5) 58 280 26 (10) Other Comprehensive income (1,647) 56,080 S3,613 S4,450
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a Comprehensive income includes all nonowner changes in shareholder equity that do not already appea...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The following table was taken from the 2012 annual report of Merck & Company, a major U.S. pharmaceutical company (dollars in millions). REQUIRED: a. What is comprehensive income and how does it...
-
The following excerpt was taken from the 2008 annual report JC Penney: The ... Credit agreements includes a requirement that the company maintain, as of the last day of each fiscal quarter, a...
-
The information was taken from the 2008 annual report of Intel, a world-leading supplier to the Internet economy (dollars in millions). a. From which of the financial statements was each figure...
-
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows: Prepare a statement of owner's equity for the year. Apr 30 Doug Stone Capital Doug...
-
Don Cox has doubts about the usefulness of a master sales budget in evaluating sales performance. Is Don's concern justified? Explain.
-
The Jones Company has just completed the third year of a five-year MACRS recovery period for a piece of equipment it originally purchased for $300,000. a. What is the book value of the equipment? b....
-
For each of the following sets of numbers, calculate a \(95 \%\) confidence interval for the mean \((\sigma\) known); before going through the steps in calculating the confidence interval, the sample...
-
Calculate how much disk space (in sectors, tracks, and surfaces) will be required to store 300,000 120-byte logical records if the disk is fixed sector with 512 bytes/sector, with 96 sectors/track,...
-
Consider the following items for Huskies Insurance Company: 1. Income taxes for the year total $50,000 but won't be paid until next April 15. 2. On June 30, the company lent its chief financial...
-
Complete the entire pay cycle process by calculating gross to net pay, employer premium amounts and complete required accounting entries. Sandra works in British Columbia and is paid on a...
-
The Nike SEC From 10-K is reproduced in Appendix C. Review it and answer the following questions. REQUIRED: a. How large is inventory compared to the other assets on NIKEs balance sheet? Did...
-
On the statement of comprehensive income within its 2008 annual report, Bristol-Myers Squibb included a ($37) million line item behind available-for-sale securities. During 2008 the company...
-
Mr. Shape dealt on the stock exchange and had purchased and sold leading scripts but did not maintain his accounts in a proper manner. He furnished the following data: Everlite Ltd. issued bonus...
-
As international purchases you have to pay 4 million dollars to your suppliers in USA in four months, The current exchange rate is IS = 10.5MAD. 1. What is the risk of this transaction? 2. How can...
-
What strategic alliances would make the most sense for amazon and why ? Examples: 1. Developing strategic partnerships with other large companies such as Walmart, Target, and Apple. 2. Establishing...
-
What makes a great leader? Management theorist Simon Sinek suggests, it's someone who makes their employees feel secure, who draws staffers into a circle of trust. But creating trust and safety...
-
1. Discuss new technologies thatshould be implemented today and in the near future to support first responder safety practices. 2.How can the government partner with private industry to improve first...
-
"Write at least 300 words on the following topic. "A Special meal in your life that you never forget" must include: Introduction, topic and conclusion -Use Description -Combine verbs with adverbs...
-
What is diversification? Does a stockholder get a greater benefit from diversification when going from 1 to 10 stocks or when going from 100 to 120 stocks?
-
Listed below are common types of current liabilities, contingencies, and commitments: a. Accounts payable b. Bank loans and commercial paper c. Notes payable d. Dividends payable e. Sales and excise...
-
Calculate the number of possible permutations and combinations of the following. a. Arranging three balls from a total of three distinct balls. b. Arranging three balls from a total of four distinct...
-
The following balance sheet and income statement data were taken from the records of Martland Stores for the year ended December 31, 2018: Prepare the operating section of the statement of cash...
-
The following balance sheet and income statement data were taken from the records of L. L. Beeno for the year ended December 31, 2018: Prepare the operating section of the statement of cash flows,...
-
The following information was taken from the 2018 financial records of Price Restaurant Supply Company: The company sold a piece of equipment for cash that had originally cost $100,000. The...
-
In 2019, Rylan Enterprises' net income increased by $2.5 million while its depreciation expense decreased by $500,000, accounts receivable increased by $2,000,000 and accounts payable increased by...
-
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold...
-
The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts...
Study smarter with the SolutionInn App