Steckly Company had the following balances on its balance sheet at Beginning of Year2. Both are...
Steckly Company had the following balances on its balance sheet at Beginning of Year2. Both are positive equity account balances.
Retained earnings $42,000
Accumulated other comprehensive income $4,000
For Year 2 Steckly reported net income of $23,000. They also reported Comprehensive income of $26,500. No dividends were declared or paid.
1: What was "Other Comprehensive income" during Year2?
2: What will be the balance in Retained earnings on the Year2 balance sheet?
3: What will be the balance in Accumulated other comprehensive income on the Year2 balance sheet?
Homework Answers
1) Other Comprehensive income = Comprehensive income-Net income = 26500-23000 = 3500
2) Ending retained earnings Year 2 = 42000+23000 = 65000
3) Ending accumulated other comprehensive income = 4000+3500 = 7500
Add Answer to:
Steckly Company had the following balances on its balance sheet
at Beginning of Year2. Both are...
At the beginning of 2017, Southwest Airlines had the following amounts on their balance sheet: Amounts...
At the beginning of 2017, Southwest Airlines had the following amounts on their balance sheet: Amounts in millions Common Stock 10 APIC 2,690 Retained Earnings 9,165 Accumulated other comprehensive Income 265 During 2017, Southwest Airlines has net income of $478 million without considering any gains or losses from the sale of securities. During 2017, Southwest has a pension loss of $37 million and a currency translation gain of $16 million. They also sold debt securities held for sale that had...
Exercise 1-11A Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning...
Exercise 1-11A Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning of 2021, Artichoke Academy reported a balance in common stock of $155,000 and a balance in retained earnings of $55,000. During the year, the company issued additional shares of stock for $45,000, earned net income of $35,000, and paid dividends of $10,500. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Cash Supplies Prepaid rent Land $...
Retained Earnings, Beginning Balance $600,000 Common Stock-no par: Beginning Balance 248,000 Net Income 89,000 Dividends Declared...
Retained Earnings, Beginning Balance
$600,000
Common Stock-no par: Beginning Balance
248,000
Net Income
89,000
Dividends Declared
(23,000)
Unrealized Gain on Available-for-Sale Investments-Net of tax
15,000
New Issue of Common Stock
23,000
Accumulated Other Comprehensive Income (loss): Beginning
Balance
(54,550)
E5-9 (similar to) 5 Question Help Dentist Products, Incorporated provided the following information for the current year ended December 31 Click the icon to view the information.) Requirement Prepare a statement of stockholders' equity for the current year (If a box...
Under IFRS the following account is included in the shareholders' equity section of the balance sheet:...
Under IFRS the following account is included in the shareholders' equity section of the balance sheet: O Contributed Comprehensive Income. Other Comprehensive Income. O Accumulated Other Comprehensive Income. O Retained Comprehensive Income. Chan Inc. has a profit of $1000000 for 2021, and there are 400000 common shares issued. Dividends declared and paid during the year amounted to $200000 on the preferred shares and $300000 on the common shares. The earnings per share for 2021 is O $2. $1.75. $0.75. O...
Inkom Company had the following balances in the equity section of its balance sheet: Common Stock...
Inkom Company had the following balances in the equity section of its balance sheet: Common Stock (1000 shares, par $1) $1,000 Paid-in-Capital, Excess of Par 39,000 Retained Earnings 50,000 Afterwards, Inkom declared and distributed a 2-for-1 stock split. At the time of the stock split, the fair value of the stock was $50 per share. Immediately after the completion of the stock split, determine the balance of Paid-in-Capital, Excess of Par?
16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of...
16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of $56,000 and total stockholders' equity of $75,000 at the beginning of 20X1. During 20X1 the company had net income of $21,000, declared and paid cash dividends of $8,000, and had other comprehensive income of $4,000. Sydney Company neither issued nor bought back shares in 20X1. Compute the retained earnings and total stockholders' equity at the end of 20X1.
16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of...
16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of $56,000 and total stockholders' equity of $75,000 at the beginning of 20X1. During 20X1 the company had net income of $21,000, declared and paid cash dividends of $8,000, and had other comprehensive income of $4,000. Sydney Company neither issued nor bought back shares in 20X1. Compute the retained earnings and total stockholders' equity at the end of 20X1.
The Brandon Company had an ending balance in retained earnings of $100,000. During the year it...
The Brandon Company had an ending balance in retained earnings of $100,000. During the year it paid dividends of $25,000 and had net income of $75,000. It also had other comprehensive income (foreign currency gain) of $10,000. What was beginning retained earnings? $50,000 O $150,000 $40,000 $ 140,000
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary. Account Dr (Cr)...
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary. Account Dr (Cr) Current assets $ 4,000 Property, net 95,000 Intangible assets, net 15,000 Goodwill 100,000 Liabilities (180,140) Capital stock (10,000) Retained earnings, beginning (16,000) Accumulated other comprehensive income, beginning (500) Noncontrolling interest (2,000) Dividends 500 Sales revenue (390,000) Cost of sales and operating expenses 385,000 Other comprehensive income (1,000) Noncontrolling interest in net income 150 Noncontrolling interest in other comprehensive loss (10) Total $ 0 The...
For the year ended December 31, 2017, Game Inc. reported the following. A) What would Game...
For the year ended December 31, 2017, Game Inc. reported the following. A) What would Game report as the ending balance of retained earnings? B) Show how the Stockholders' Equity section of the balance sheet should look like. Net income $30,000 Preferred dividends declared $5,000 Common dividend declared $1,000 Unrealized holding loss, net of tax $500 Retained earnings, beginning balance $40,000 Common stock $20,000 Accumulated other comprehensive income, beginning balance $3,000
Exercise 1-11A Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning of 2021, Artichoke Academy reported a balance in common stock of $155,000 and a balance in retained earnings of $55,000. During the year, the company issued additional shares of stock for $45,000, earned net income of $35,000, and paid dividends of $10,500. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Cash Supplies Prepaid rent Land $...
Retained Earnings, Beginning Balance
$600,000
Common Stock-no par: Beginning Balance
248,000
Net Income
89,000
Dividends Declared
(23,000)
Unrealized Gain on Available-for-Sale Investments-Net of tax
15,000
New Issue of Common Stock
23,000
Accumulated Other Comprehensive Income (loss): Beginning
Balance
(54,550)
E5-9 (similar to) 5 Question Help Dentist Products, Incorporated provided the following information for the current year ended December 31 Click the icon to view the information.) Requirement Prepare a statement of stockholders' equity for the current year (If a box...
Under IFRS the following account is included in the shareholders' equity section of the balance sheet: O Contributed Comprehensive Income. Other Comprehensive Income. O Accumulated Other Comprehensive Income. O Retained Comprehensive Income. Chan Inc. has a profit of $1000000 for 2021, and there are 400000 common shares issued. Dividends declared and paid during the year amounted to $200000 on the preferred shares and $300000 on the common shares. The earnings per share for 2021 is O $2. $1.75. $0.75. O...
16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of $56,000 and total stockholders' equity of $75,000 at the beginning of 20X1. During 20X1 the company had net income of $21,000, declared and paid cash dividends of $8,000, and had other comprehensive income of $4,000. Sydney Company neither issued nor bought back shares in 20X1. Compute the retained earnings and total stockholders' equity at the end of 20X1.
16-44 Simple Changes in Retained Earnings and Total Stockholders' Equity Sydney Company had retained earnings of $56,000 and total stockholders' equity of $75,000 at the beginning of 20X1. During 20X1 the company had net income of $21,000, declared and paid cash dividends of $8,000, and had other comprehensive income of $4,000. Sydney Company neither issued nor bought back shares in 20X1. Compute the retained earnings and total stockholders' equity at the end of 20X1.
The Brandon Company had an ending balance in retained earnings of $100,000. During the year it paid dividends of $25,000 and had net income of $75,000. It also had other comprehensive income (foreign currency gain) of $10,000. What was beginning retained earnings? $50,000 O $150,000 $40,000 $ 140,000
Most questions answered within 3 hours.
-
If you have 35.0g of Na and 100.0g of Cl2, what is the
maximum amount of...
asked 1 minute ago -
Assume that adults have IQ scores that are normally distributed
with a mean of 96.8 and...
asked 49 seconds ago -
If a product or other segment of a business is generating a
loss, it is erroneous...
asked 4 minutes ago -
I need help writing c++ code to make this program.
1. Define a function that can...
asked 5 minutes ago -
Problem #5
A communications cable is 2.00 km long and consists of two
parallel wires separated...
asked 33 minutes ago -
Cranium, Inc., purchases term papers from an overseas supplier
under a continuous review system. The average...
asked 3 hours ago -
1- What is the freezing point of pure water (in degrees
Celsius)?
2-
he molar mass...
asked 4 hours ago -
Determine the direction of the force that will act on the charge
in each of the...
asked 4 hours ago -
You purchase your daily coffee at the Chemist’s Coffeehouse and
have a choice of two cups:...
asked 7 hours ago -
Which of the following pairs of chemicals could be used to make
a buffer solution?
A.)...
asked 7 hours ago -
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 7 hours ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 7 hours ago