The following information for Gaffney Corporation covers the year ended December 31, 2000:
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| Revenue: | ||
| Revenues from sales | $450,000 | |
| Other | 5,000 | |
| Total revenue | 455,000 | |
| Expenses: | ||
| Cost of products sold | $280,000 | |
| Selling expenses | 50,000 | |
| Administrative and general expenses | 20,000 | |
| Federal and state income taxes | 30,000 | |
| Total expenses | 380,000 | |
| Net income | 75,000 | |
| Other comprehensive income | ||
| Available-for-sale securities adjustment, | ||
| net of $5,000 income tax | $ 7,000 | |
| Foreign currency translation adjustment, | ||
| net of $3,000 income tax | 8,000 | |
| Other comprehensive income | 15,000 | |
| Comprehensive income | $ 90,000 | |
Required a.Will net income or comprehensive income tends to be more volatile? Comment.
b. Which income figure will be used to compute earnings per share?
c. What is the total tax expense reported?
d. Will the items within other comprehensive income always net out as an addition to net income? Comment.
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