THAS THE FOLLOWING 2016 DATA: BEGINNING BALANCES: RETAINED EARNINGS ACCUMULATED OC COMMON STOCK (ACCUMULATED OCI INCLUDES...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
THAS THE FOLLOWING 2016 DATA: BEGINNING BALANCES: RETAINED EARNINGS ACCUMULATED OC COMMON STOCK (ACCUMULATED OCI INCLUDES $850 UNREALIZED GAIN FROM AFS DEBT SECURITY X) 2016 ACTIVITY: NET INCOME 62,000 25,000 (NET INCOME INCLUDES REALIZED GAIN FROM AFS DEBT SECURITY X) DIVIDENDS DECLARED 220,000 2,000 100,000 AFS DEBT SECURITY X IS BOUGHT IN 2015 AND IS SOLD IN 2016. AFS DEBT SECURITY Y IS BOUGHT ON 10/16/2016, THE COST IS $10,000, 2016 YEAR-END FAIR MARKET VALUE IS $10,800. SECURITY Y IS SOLD ON 3/12/17) REQUIRED: WHAT IS 2016 COMPREHENSIVE INCOME? REQUIRED: WHAT IS ACCUMULATED OCI AT 12/31/2016? REQUIRED: WHAT IS RETAINED EARNINGS AT 12/31/2016? REQUIRED: WHAT IS TOTAL EQUITY AT 12/31/2016? THAS THE FOLLOWING 2016 DATA: BEGINNING BALANCES: RETAINED EARNINGS ACCUMULATED OC COMMON STOCK (ACCUMULATED OCI INCLUDES $850 UNREALIZED GAIN FROM AFS DEBT SECURITY X) 2016 ACTIVITY: NET INCOME 62,000 25,000 (NET INCOME INCLUDES REALIZED GAIN FROM AFS DEBT SECURITY X) DIVIDENDS DECLARED 220,000 2,000 100,000 AFS DEBT SECURITY X IS BOUGHT IN 2015 AND IS SOLD IN 2016. AFS DEBT SECURITY Y IS BOUGHT ON 10/16/2016, THE COST IS $10,000, 2016 YEAR-END FAIR MARKET VALUE IS $10,800. SECURITY Y IS SOLD ON 3/12/17) REQUIRED: WHAT IS 2016 COMPREHENSIVE INCOME? REQUIRED: WHAT IS ACCUMULATED OCI AT 12/31/2016? REQUIRED: WHAT IS RETAINED EARNINGS AT 12/31/2016? REQUIRED: WHAT IS TOTAL EQUITY AT 12/31/2016?
Expert Answer:
Answer rating: 100% (QA)
1 Calculating Comprehensive Income for 2016 Comprehensive Income is the sum of Net Income and Other ... View the full answer
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
The Company classifies its investments in both fixed income securities and publicly traded equity securities as available- for- sale investments. Fixed income securities primarily consist of U. S....
-
The following are the Year 9 income statements of Kent Corp. and Laurier Ltd. Additional Information ¢ Kent acquired its 40% interest in the common shares of Laurier in Year 3 at a cost of...
-
If z = 3ej/6, find the value of ez
-
Calculating Depreciation A piece of newly purchased industrial equipment costs $925,000 and is classified as seven-year property under MACRS. Calculate the annual depreciation allowances and...
-
Why a case may be removed to federal court?
-
The Institute of Chartered Accountants in England and Wales (ICAEW) has adopted a code of ethics based on the IFAC Code. In commenting on the principles-based approach used in these codes, the ICAEW...
-
Total assets P 8 0 0 , Total deposits P 7 0 0 , Total loans P 4 5 0 , Net income P 8 0 . calculate the net interest margin of that bank
-
Complete the entire pay cycle process by calculating gross to net pay, employer premium amounts and complete required accounting entries. Sandra works in British Columbia and is paid on a...
-
A Domain Name System (DNS) client is looking a recursive resolution to the name of the computer with IP address 155.111.77.8. Based on this information, answer the following questions regarding the...
-
Who are expert users? Why are they called expert?
-
Why should the system users be involved in the process of designing user interfaces?
-
It has been said that having limited funds spurs creativity. Do you think this is true? If so, how can a company or an individual stay creative and mentally hungry as they become more financially...
-
How should the interfaces handle errors?
-
What should we do to ensure the system users are aware of what to do in the system?
-
A coffee merchant combines coffee that costs $5 per pound with coffee that costs $3.50 per pound. How many pounds of each should be used to make 25 lb of a blend costing $4.49 per pound?
-
What is the expected payoff of an investment that yields $5,000 with a probability of 0.15 and $500 with a probability of 0.85? Select one: O a. $325 O b. $5,500 O c. $2,750 O d. $1,175
-
Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2013...
-
On December 31, 2012, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2013, Berclair...
-
What is the difference between a principal and an agent for purposes of determining whether a company should report revenue on a gross or net basis?
-
Form small groups for this exercise on claim and adjustment letters. Have each member of your group study the following two letters. Meet and discuss your reactions to the two letters. How...
-
You work in the customer relations department of a company that makes plumbing supplies. The head of product development has just handed you the draft of installation instructions for a sliding tub...
-
Study the excerpt from the Micron data flyer (2010, p. 9). Describe the designers use of alignment as a design principle. How effective is it? How would you modify it? Present your analysis and...
Study smarter with the SolutionInn App