Question

In: Accounting

How is accumlated other comprehensive income reported? In rhe balance sheet as a component of retained...

How is accumlated other comprehensive income reported?

In rhe balance sheet as a component of retained earning

In the balance sheet as a component of sharholders equity

In the income statement

In the statement of comprehensive income

Solutions

Expert Solution

Accumulated other comprehensive income is reported In the balance sheet as a component of shareholders' equity
Accumulated other comprehensive income is reported as a separate line item under shareholders equity.
Accumulated other comprehensive income includes items such as foreign currency transaction gain/loss, unrealized gain/loss on securities.
Option B is correct

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Preparing Income Statement, Retained Earnings, and Balance Sheet
Prepare the Income Statement and Statement of Retained Earnings for the year 2019.Prepare the classified Balance Sheet as of December 31, 2019. Trademarks were previously acquired for $200,000 on January 1, 2018. Estimated useful life at the time of acquisition was 20 years.In 2019 there was litigation challenging these trademarks brought by a competitor and GeneralProducts successfullydefended these trademarks at a legal cost of $45,000. The new (updated) useful life of the trademarks was estimated to be 25 years from the...
On 12/31/19, Hite Industries reported retained earnings of $537,500 on its balance sheet, and it reported...
On 12/31/19, Hite Industries reported retained earnings of $537,500 on its balance sheet, and it reported that it had $135,000 of net income during the year. On its previous balance sheet, at 12/31/18, the company had reported $445,000 of retained earnings. No shares were repurchased during 2019. How much in dividends did the firm pay during 2019?
1. Discuss the purpose of other comprehensive income and accumulated other comprehensive income.
1. Discuss the purpose of other comprehensive income and accumulated other comprehensive income.
What is included in other comprehensive income? Why are items included in other comprehensive income, but...
What is included in other comprehensive income? Why are items included in other comprehensive income, but not included in net income? Should these items be included in net income or not included at all? Explain your answer.
What is Other Comprehensive Income?
What is Other Comprehensive Income? What constitutes OCI? For what reason reasons do transactions/accounts hit in there versus regular income. Why OCI accounts are listed as part of equity, not income? What is the logic for this? Why are they listed in the chart of accounts and ledger as equity accounts? (OCI transactions/accounts hit the income statement)
Please create a retained earnings statement, income statement, and a balance sheet for the month of...
Please create a retained earnings statement, income statement, and a balance sheet for the month of December following accounts and their ending balances. Cash (debit) : $37,308.90 Accounts Receivable (debit) : $11,700 Notes Receivable (debit) : $10,000 Interest Receivable (debit) : $41.67 Merchandise Inventory (debit) : $3,150 Prepaid Advertising (debit) : $250 Office Supplies Inventory (debit) : $180 Prepaid Insurance (debit) : $1,100 Land (debit) : $59,500 Equipment (debit) : $12,000 Accumulated Depreciation - Equipment (credit) : $116.66 Accounts Payable...
Explain the connection between the income statement, the retained earnings statement and the balance sheet.
Explain the connection between the income statement, the retained earnings statement and the balance sheet.
Prepare an income statement, a retained earnings statement, and a balance sheet for the dental practice...
Prepare an income statement, a retained earnings statement, and a balance sheet for the dental practice of Ted Terner, DDS, Inc. from the items listed below for the month of September. Retained Earnings, September 1                                                                              $22,000 Common Stock                                                                                                         20,000 Accounts payable                                                                                                          7,000 Equipment                                                                                                                    30,000 Service revenue                                                                                                          25,000 Dividends                                                                                                                       6,000 Dental supplies expense                                                                                                3,500 Cash                                                                                                                               6,000 Utilities expense                                                                                                                700 Dental supplies                                                                                                               2,800 Salaries expense                                                                                                           9,000 Accounts receivable                                                                                                    14,000 Rent expense                                                                                                                 2,000 TED TERNER, DDS, INC.
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please...
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please help Accounts payable Accounts receivable Accumulated depreciation - building Allowance for uncollectible accounts Bonds payable, due in 2029 Building Cash Common Stock Cost of goods sold current marries of long-term debt deferred revenue depreciation expense discount on bonds payable dividends gains on sale of equipment income tax expense inventory interest expense land note payable due 10/20 preferred stock prepaid insurance rent expense sales revenue...
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please...
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please help Accounts payable $      40,000 Gain on sale of equipment X $        2,000 Accounts receivable         50,000 Income tax expense X           5,000 Accumulated depreciation - building         10,000 Inventory       100,000 Additional paid-in capital       800,000 Interest expense X           4,000 Allowance for uncollectible accounts           5,000 Land       200,000 Bonds payable, due in 2029       800,000 Note payable, due 10/1/20       100,000 Building       641,000 Preferred stock       300,000 Cash    1,500,000 Prepaid insurance           5,000 Common stock...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT