Bath Key Inc. had balances at the beginning of 2022 for AOCI of ($5,000) and for...
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Bath Key Inc. had balances at the beginning of 2022 for AOCI of ($5,000) and for retained earnings of $10,000. During 2022 Bath Key earned $4,000 in net income and had other comprehensive income (OCI) of ($3,500). For 2022, after closing its books, show how much Bath Key should report in its financial statements for: (a) comprehensive income/loss (b) retained earnings (c) AOCI. Bath Key Inc. had balances at the beginning of 2022 for AOCI of ($5,000) and for retained earnings of $10,000. During 2022 Bath Key earned $4,000 in net income and had other comprehensive income (OCI) of ($3,500). For 2022, after closing its books, show how much Bath Key should report in its financial statements for: (a) comprehensive income/loss (b) retained earnings (c) AOCI.
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A Comprehensive income loss after closing the books is 0 Because aft... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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