1 answer

For the year ended December 31, 2017, ABC Inc. reported the following: Net income                             

Question:

For the year ended December 31, 2017, ABC Inc. reported the following:

Net income                                                                             $400,000

Common share dividend declared                                              20,000

Unrealized holding loss, net of tax                                             10,000

Retained earnings, beginning balance (unadjusted)                 900,000

Common stock                                                                          200,000

Prior period adjustment (net of tax), Jan. 1, 2020                    225,000

Accumulated Other Comprehensive Income,

                      Beginning Balance                                                                 30,000

1) Prepare the statement of retained earnings for year ended december 31, 2017

2) Determine ABC Inc comprehensive income for the year ended december 31, 2017


Answers

Statement of Retained Earnings
Beginning Balance 900000
(+) Net Income 400000
(-) Dividend Declared -20000
Ending Balance 1280000
Statement of Comprehensive Income
Net income 400000
Unrealized holding loss, net of tax -10000
Prior period adjustment 225000
Add: Accumulated beginning Balance 30000
Comprehensive Income 645000
.

Similar Solved Questions

1 answer
Calculate deltaGϴ for the following balanced reaction at 25 °C using the data in the table...
Calculate deltaGϴ for the following balanced reaction at 25 °C using the data in the table below. Calculate AG for the following balanced reaction at 25 °C using the data in the table below. CO(NH2)2(s) + H2O(l) → CO2(g) + 2 NH3(g) A:HⓇ (kJ mor') -333.19 Se (J K-'mo...
1 answer
Detail how could nursing intervene or advocate to incorporate legal and ethical theories and principles more...
Detail how could nursing intervene or advocate to incorporate legal and ethical theories and principles more effectively into practice...
1 answer
Engineering Mechanics Dynamics Vector velocity 4- (a) What is the angular velocity vector of the bar?...
Engineering Mechanics Dynamics Vector velocity 4- (a) What is the angular velocity vector of the bar? (b) Use vector Equation to determine the velocity of point A. 5 rad's 30...
1 answer
Determine the long-run total, average and marginal cost functions of the firms having the production functions...
Determine the long-run total, average and marginal cost functions of the firms having the production functions and facing the input prices given below: a. ?=f(K,L)=√K+2√L,PK=1,PL=2 b. Q=f(K,L)=K+L,PK=2,PL=1 c. Q=f(K,L)=K1/2L1/2,PK=2,PL=2...
1 answer
45 Find L 32 +25-3 5 -3t (write 5/6 by 6' , e^{-3t} by e and...
45 Find L 32 +25-3 5 -3t (write 5/6 by 6' , e^{-3t} by e and sin(2t) or cos(3t) by sin(2t) or cos(3t)). **{3+2-3)...
1 answer
"Abbott: Oh, I'll tell you their names, but you know it seems to me they give these ball players now-a-days very peculiar names
"Abbott: Oh, I'll tell you their names, but you know it seems to me they give these ball players now-a-days very peculiar names. Costello: You mean funny names? Abbott: Strange names, pet names...like Dizzy Dean... Costello: His brother Daffy. Abbott: Daffy Dean... Costello: And their French...
1 answer
The angle of elevation from a point on the ground to the top of a pyramid...
The angle of elevation from a point on the ground to the top of a pyramid is 28°10' The angle of elevation from a point 105 feet farther back to the top of the pyramid is 11°40'. Find the height of the pyramid h 11°40 28°10 105 What is the height of the pyramid?ft (Round to t...
1 answer
Kly salaries of teachers in one state are normally distributed with a mean of $490 and...
kly salaries of teachers in one state are normally distributed with a mean of $490 and a standard deviation of $45. What is the probability that a randomly selected teacher earns more than $525 a week? A) 0.2823 B) 0217 C) 0.7823 D) 0.1003...
1 answer
A 1.15-kΩ resistor and a 570-mH inductor are connected in series to a 1100-Hz generator with...
A 1.15-kΩ resistor and a 570-mH inductor are connected in series to a 1100-Hz generator with an rms voltage of 14.7 V . What is the rms current in the circuit? What capacitance must be inserted in series with the resistor and inductor to reduce the rms current to half the value found in part A...
1 answer
1. (30 points) Diodes in the circuit below have the cut-in voltage V, -0.7 V. Find...
1. (30 points) Diodes in the circuit below have the cut-in voltage V, -0.7 V. Find the output Vif a) (15 points) 7=1 mA. b) (15 points) 7 = 2 mA. Hint to immediately identify the operating mode (regime) of one diode: where does / flow? § 2 = 2 kB D {R = 5...
1 answer
Please help me answere these questions Lipids 61/where are fatty acids (FA) stored as an energy...
please help me answere these questions Lipids 61/where are fatty acids (FA) stored as an energy reserve 62/what is the difference between HDL and LDL cholesterol containing particles e 63/what is the fate of glycerol and the products when triacylglycerol is degraded 64/what are the three process...
1 answer
MCC Builders have the following details regarding their housing subdivisions: Direct Materials Direct Labor Project A1...
MCC Builders have the following details regarding their housing subdivisions: Direct Materials Direct Labor Project A1 10,000 30,000 Project A2 20000 15,000 Project A3 30,000 20,000 Manufacturing Overhead is applied at the rate of 10% of Direct Labor. The actual overheads are $5,000. 1. Is the manuf...
1 answer
Required information [The following information applies to the questions displayed below) This year Lloyd, a single...
Required information [The following information applies to the questions displayed below) This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,500. Last year, his total tax liability was $16,000. He estimates that his tax withholding from his employer will be $8,750. b. A...
1 answer
20 points] Given two random variables X and Y, show that (a) E(E(Y|X))=E(Y) (b) V(Y)-E(V(YİX)) +V(E(Y|X))...
20 points] Given two random variables X and Y, show that (a) E(E(Y|X))=E(Y) (b) V(Y)-E(V(YİX)) +V(E(Y|X)) (Hints: using definition.)...