On 31 December, 20X2 the balance of Argon Enterprise Inc's shareholder's equity accounts were as follows...
On 31 December, 20X2 the balance of Argon Enterprise Inc's shareholder's equity accounts were as follows ( all are credit balance)
| Capital stock | $303,000 |
| Contributed surplus | 6,000 |
| Retained earnings | 121,000 |
| Currency translation difference | 1,500 |
| Market-to-market adjustments on available for sale investments | 28,600 |
| Cash flow hedges | 2,100 |
| Actuarial gains and losses | 1,600 |
| Total | 463,800 |
Argon's statement of comprehensive income for the year ending 31 December 20x3 showed the following months from " net profit for the year" through "comprehensive income"
| 31 December 20X3 | 31 December 20X2 | |
| Net profit for the year | $46,900 | $62,100 |
| Other comprehensive income(loss) net of applicable income tax | ||
| Currency translation differences | (4,500) | 2,500 |
| Market-to-market adjustments on available for sale investments | (36,000) | 7,200 |
| Actuarial gains (losses) | 2,100 | (5,900) |
| Cash flow hedges | (500) | (150) |
| Total other comprehensive loss for the year | ($39,700) | $3,650 |
| Comprehensive income for the year | $7,200 | $65,750 |
Prepare a statement of change in equity for Argon Enterprise Inc, for the year ended 31 December, 20x3. The company declared to dividends during 20x2 or 20X3
Homework Answers
| Argon Enterprises Inc. | ||||||||
| Statement of Changes in Equity | ||||||||
| For the Year Ended December 31, 20x3 | ||||||||
| Reserves | ||||||||
| Capital Stock | Contributed Surplus | Property revaluation | Currency Translation | Cash Flow Hedges | Acturial gains and Losses | Retained Earnings | Total Equity | |
| Balance, January 1, 20x3 | $ 303,000 | $ 6,000 | $ 28,600 | $ 1,500 | $ 2,100 | $ 1,600 | $ 121,000 | $ 463,800 |
| Profit for the year | $ 46,900 | $ 46,900 | ||||||
| Other comprehensive income: | $ - | |||||||
| Currency translation differences | $ (4,500) | $ (4,500) | ||||||
| Mark-to-market adjustments on available for sale investments | $ (36,800) | $ (36,800) | ||||||
| Actuarial gains (losses) | $ 2,100 | $ 2,100 | ||||||
| Cash flow hedges | $ (500) | $ (500) | ||||||
| Balance, January 1, 20x3 | $ 303,000 | $ 6,000 | $ (8,200) | $ (3,000) | $ 1,600 | $ 3,700 | $ 167,900 | $ 471,000 |
Comment
Add Answer to:
On 31 December, 20X2 the balance of Argon Enterprise Inc's shareholder's equity accounts were as follows...
The trial balance of Rollins Inc. included the following accounts as of December 31, 2023. Rollins...
The trial balance of Rollins Inc. included the following accounts as of December 31, 2023. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 40%. Prepare a 2023 multi-step, continuous income statement in proper form. Note: All numbers below are BEFORE tax. Debits Credits Sales revenue 5,900,000 Interest revenue 40,000 Loss on sale of investments 10,000 Unrealized losses on investments 150,000 Foreign currency translation gains 260,000...
The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31,...
The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2018. In addition, during the year the company experienced a positive foreign currency translation adjustment of $240,000 and had unrealized losses on investment securities of $80,000. The company’s effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2018. (Amounts to be deducted...
Acrimony Ltd has the following balances in its general ledger on 31 December 20X8 ( in...
Acrimony Ltd has the following balances in its general ledger on 31 December 20X8 ( in thousands of Canadian dollars) Debit Credit Retained earnings,31 December $40,000 Sales revenue 18,000 Interest expense 780 Cost of sales 8,000 Accumulated other comprehensive income,31 December 20X7 1,350 Dividends paid 2,000 Foreign currency gains and losses on 20X8 transactions 3,000 Income tax expense 1,120 Selling and administrative expense 3,400 Amortization on furniture and fixture for 20X8 1,050 Write-off obsolete inventory 530 Impairment of tangible...
For the fiscal year ending December 31, 2017, Blossom Led. reported net sales of $7,210,000 and...
For the fiscal year ending December 31, 2017, Blossom Led. reported net sales of $7,210,000 and cost of goods sold of5,790,000. The company had selling and administrative expenses of $440,000. During the year, the company sold some equipment for ain of $24,600, and had unrealized holding gains on investments designated as gains/losses through other comprehensive income (OCI) of $4,800 Prepare a combined statement of comprehensive income. Ignore taxes and earnings per share (EPS) Income
Duke Company's records show the following account balances at December 31, 2018: Sales cost of goods...
Duke Company's records show the following account balances at December 31, 2018: Sales cost of goods sold General and administrative expenses Selling expenses Interest expense $15,200,880 9,198,880 1,81e,90e 51e,98e 71e,90 Income tax expense has not yet been determined. The following events also occurred during 2018. All transactions are material in amount. 1. $310,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered to...
Duke Company’s records show the following account balances at December 31, 2016: Sales $ 18,000,000 ...
Duke Company’s records show the following account balances at December 31, 2016: Sales $ 18,000,000 Cost of goods sold 10,500,000 General and administrative expenses 1,150,000 Selling expenses 650,000 Interest expense 850,000 Income tax expense has not yet been determined. The following events also occurred during 2016. All transactions are material in amount. 1. $450,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $550,000 was written off as obsolete. Material losses...
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,...
The Village of Seaside Pines prepared the following enterprise
fund Trial Balance as of December 31, 2020, the last day of its
fiscal year. The enterprise fund was established this year through
a transfer from the General Fund.
Debits
Credits
Accounts payable
$
119,000
Accounts receivable
$
32,900
Accrued interest payable
36,100
Accumulated depreciation
54,500
Administrative and selling expenses
56,500
Allowance for uncollectible accounts
14,100
Capital assets
736,000
Cash
100,100
Charges for sales and services
583,000
Cost of sales and...
PART THREE: At the end of December 31, 2022, the shareholder's equity was as follows for...
PART THREE: At the end of December 31, 2022, the shareholder's equity was as follows for ABZ Inc.: $755,000 $2 Preferred Shares (37,500 shares issued and outstanding; cumulative, nonparticipating, and convertible into two common shares for each preferred share Common Shares (100,000 shares issued and outstanding) Retained Earnings AOCI: OCI unrealized gains from investments Total Shareholders' Equity 500,000 1,500,000 80,000 $2,835,000 Earnings for 2021 had been $725,000 which includes the comprehensive income of $120,500 from an unrealized gain on an...
Christina Inc. follows IFRS and accounts for financial instruments based on IFRS 9. Christina holds a...
Christina Inc. follows IFRS and accounts for financial instruments based on IFRS 9. Christina holds a variety of investments, some of which are accounted for at fair value through net income and some of which are accounted for at fair value through other comprehensive income. On January 1, 2017, the beginning of the fiscal year, Christina’s accounts and records include the following information: Cost Market Value Fair value through net income investments $60,000 $60,000 Fair value through other comprehensive income...
SA Comp #2 Duke Company’s records show the following account balances at December 31, 2018: Sales...
SA Comp #2 Duke Company’s records show the following account balances at December 31, 2018: Sales $ 17,400,000 Cost of goods sold 10,200,000 General and administrative expenses 1,120,000 Selling expenses 620,000 Interest expense 820,000 Income tax expense has not yet been determined. The following events also occurred during 2018. All transactions are material in amount. $420,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $520,000 was written off as obsolete. Material losses of this type are...
The trial balance of Rollins Inc. included the following accounts as of December 31, 2023. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 40%. Prepare a 2023 multi-step, continuous income statement in proper form. Note: All numbers below are BEFORE tax. Debits Credits Sales revenue 5,900,000 Interest revenue 40,000 Loss on sale of investments 10,000 Unrealized losses on investments 150,000 Foreign currency translation gains 260,000...
For the fiscal year ending December 31, 2017, Blossom Led. reported net sales of $7,210,000 and cost of goods sold of5,790,000. The company had selling and administrative expenses of $440,000. During the year, the company sold some equipment for ain of $24,600, and had unrealized holding gains on investments designated as gains/losses through other comprehensive income (OCI) of $4,800 Prepare a combined statement of comprehensive income. Ignore taxes and earnings per share (EPS) Income
Duke Company's records show the following account balances at December 31, 2018: Sales cost of goods sold General and administrative expenses Selling expenses Interest expense $15,200,880 9,198,880 1,81e,90e 51e,98e 71e,90 Income tax expense has not yet been determined. The following events also occurred during 2018. All transactions are material in amount. 1. $310,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered to...
The Village of Seaside Pines prepared the following enterprise
fund Trial Balance as of December 31, 2020, the last day of its
fiscal year. The enterprise fund was established this year through
a transfer from the General Fund.
Debits
Credits
Accounts payable
$
119,000
Accounts receivable
$
32,900
Accrued interest payable
36,100
Accumulated depreciation
54,500
Administrative and selling expenses
56,500
Allowance for uncollectible accounts
14,100
Capital assets
736,000
Cash
100,100
Charges for sales and services
583,000
Cost of sales and...
PART THREE: At the end of December 31, 2022, the shareholder's equity was as follows for ABZ Inc.: $755,000 $2 Preferred Shares (37,500 shares issued and outstanding; cumulative, nonparticipating, and convertible into two common shares for each preferred share Common Shares (100,000 shares issued and outstanding) Retained Earnings AOCI: OCI unrealized gains from investments Total Shareholders' Equity 500,000 1,500,000 80,000 $2,835,000 Earnings for 2021 had been $725,000 which includes the comprehensive income of $120,500 from an unrealized gain on an...
Most questions answered within 3 hours.
-
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 25 minutes ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 2 minutes ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 6 minutes ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 17 minutes ago -
Costing Models You work for XYZ trucking and your boss has asked
you to figure out...
asked 9 minutes ago -
A 24.6 g sample of brass is heated in a flask to 125°C in
boiling water...
asked 18 minutes ago -
Which drug candidates are most effective at docking with COX1
and COX2 respectively?
COX1: flurbiprofen, COX2:...
asked 31 minutes ago -
You place the left end of the rod on a fulcrum, and hang the
right end...
asked 33 minutes ago -
Push an object with half the mass of the cabinet with a force of
200 N....
asked 39 minutes ago -
Differentiate the application and functions of
electronic medical records, electronic health records and
electronic personal health...
asked 39 minutes ago -
What is the height of the tsunami in a water depth of 10 m
assuming the...
asked 50 minutes ago -
A χ2 goodness-of-fit test was used to test the hypothesis that
students at a local university...
asked 53 minutes ago