Homework Answers
Answer
b. It is an equity account.
Reason
Accumulated Other Comprehensive Income is an Equity Account.All Equity accounts are reported on the Balance Sheet(Statement of Financial Position) of an entity.The AOCI (Accumulated Other Comprehensive Income) Account is where unrealised profit or losses on items are reported.Other comprehensive income can consist of gains and losses on certain tyypes of pension plans,investments and hedging transactions.So these total other comprehensive income is transferred to a component of equity separate from retained earnings and additional paid up capital.
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Which of the following is true about the Accumulated Other Comprehensive Income account? It is a...
Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that...
Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.) Accumulated depreciation is an expense account. The Accumulated depreciation account allows the original cost of the asset to remain in the plant asset account. Accumulated depreciation is a contra account. Accumulated depreciation is added to its plant asset on the income statement. Accumulated depreciation is subtracted from its plant asset on the balance sheet. Accumulated depreciation accumulates the total depreciation taken on an asset since its purchase.Explain what unearned...
A B C D Account names: Accumulated Depreciation Accumulated Other Comprehensive Income Cash Common Stock Cost...
A
B
C
D
Account names:
Accumulated Depreciation
Accumulated Other Comprehensive Income
Cash
Common Stock
Cost of Goods Sold
Depreciation Expense
Interest Expense
Inventory
Notes Payable
Other Comprehensive Income (G/L)
Other Comprehensive Income (PSC)
Pension Asset/Liability
Pension Expense
Plant and Equipment
Postretirement Asset/Liability
Postretirement Expense
Retained Earnings
Salary Expense
Sales
Waterway Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were...
Which of the following is the correct computation of comprehensive income? a.Total Stockholders' Equity ± Accumulated...
Which of the following is the correct computation of comprehensive income? a.Total Stockholders' Equity ± Accumulated Other Comprehensive Income = Comprehensive Income b.Retained Earnings ± Other Comprehensive Income = Comprehensive Income c.Net Income ± Other Comprehensive Income = Comprehensive Income d.None of these choices are correct.
1. What is the relation between Accumulated Other comprehensive Income ( AOCI) and Other comprehensive Income...
1. What is the relation between Accumulated Other comprehensive Income ( AOCI) and Other comprehensive Income ( OCI) .. 2. . In what way is AOCI similar retained earnings, besides the fact that they are both equity accounts? 3. What are the two formats that companies can use to present their Statement of Comprehensive Income?
6. What is the relationship between accumulated other comprehensive income (AOCT) and other comprehensive income? Hint:...
6. What is the relationship between accumulated other comprehensive income (AOCT) and other comprehensive income? Hint: calculate the difference between beginning and ending AOCI. (1/2 pt) 7. In what way is AOCI similar retained earnings, besides the fact that they are both equity accounts? (1/2 pt) 367 MacBook Air
Which of the following is not true about the Allowance for Doubtful Accounts? Multiple Choice It...
Which of the following is not true about the Allowance for Doubtful Accounts? Multiple Choice It is debited when uncollectible accounts are written off. It is credited when bad debts expense is estimated and recorded. It is used instead of reducing accounts receivable directly. It is a contra asset account. It is a liability account.
Which of the following is true about withdrawal (distribution)? The withdrawal (distribution) account is a contra-equity...
Which of the following is true about withdrawal (distribution)? The withdrawal (distribution) account is a contra-equity account and has a normal debit balance. o withdrawal (distribution) are classified as expenses and reduce net income. The withdrawal (distribution) account is an equity account, therefore listed on the Balance Sheet. The withdrawal (distribution) account is used when cash is withdrawn from the bank to pay expenses.
Accumulated other comprehensive income in stockholders' equity shows the difference between historical cost and market for...
Accumulated other comprehensive income in stockholders' equity shows the difference between historical cost and market for which account(s)? Select one: A. Trading securities and available-for-sale securities B. Available-for-sale securities C. Trading securities and held-to-maturity securities D. Trading securities E. Held-to-maturity securities
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice as an expense on the Income...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice as an expense on the Income Statement. as a liability on the Income Statement. as owner's equity on the Balance Sheet. as a contra-asset on the Balance Sheet.
Elton Co. has the following postretirement benefit plan balances on January 1, 2017. Accumulated postretirement benefit...
Elton Co. has the following postretirement benefit plan balances
on January 1, 2017.
Accumulated postretirement benefit obligation
$2,250,000
Fair value of plan assets
2,250,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2018, the company amends the plan so that prior service
costs of $175,000 are created. Other data related to the plan
are:
2017
2018
Service costs
$75,000
$85,000
Prior service costs amortization
0
12,000
Contributions (funding) to the plan
45,000
35,000
Benefits paid...
Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.) Accumulated depreciation is an expense account. The Accumulated depreciation account allows the original cost of the asset to remain in the plant asset account. Accumulated depreciation is a contra account. Accumulated depreciation is added to its plant asset on the income statement. Accumulated depreciation is subtracted from its plant asset on the balance sheet. Accumulated depreciation accumulates the total depreciation taken on an asset since its purchase.Explain what unearned...
A
B
C
D
Account names:
Accumulated Depreciation
Accumulated Other Comprehensive Income
Cash
Common Stock
Cost of Goods Sold
Depreciation Expense
Interest Expense
Inventory
Notes Payable
Other Comprehensive Income (G/L)
Other Comprehensive Income (PSC)
Pension Asset/Liability
Pension Expense
Plant and Equipment
Postretirement Asset/Liability
Postretirement Expense
Retained Earnings
Salary Expense
Sales
Waterway Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were...
6. What is the relationship between accumulated other comprehensive income (AOCT) and other comprehensive income? Hint: calculate the difference between beginning and ending AOCI. (1/2 pt) 7. In what way is AOCI similar retained earnings, besides the fact that they are both equity accounts? (1/2 pt) 367 MacBook Air
Which of the following is true about withdrawal (distribution)? The withdrawal (distribution) account is a contra-equity account and has a normal debit balance. o withdrawal (distribution) are classified as expenses and reduce net income. The withdrawal (distribution) account is an equity account, therefore listed on the Balance Sheet. The withdrawal (distribution) account is used when cash is withdrawn from the bank to pay expenses.
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice as an expense on the Income Statement. as a liability on the Income Statement. as owner's equity on the Balance Sheet. as a contra-asset on the Balance Sheet.
Elton Co. has the following postretirement benefit plan balances
on January 1, 2017.
Accumulated postretirement benefit obligation
$2,250,000
Fair value of plan assets
2,250,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2018, the company amends the plan so that prior service
costs of $175,000 are created. Other data related to the plan
are:
2017
2018
Service costs
$75,000
$85,000
Prior service costs amortization
0
12,000
Contributions (funding) to the plan
45,000
35,000
Benefits paid...
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