Using Interrelations of Financial Statements Answer each of the following separate questions. If the missing amount...

Using Interrelations of Financial Statements

Answer each of the following separate questions. If the missing amount cannot be determined with the information given, explain what is needed to answer the questions.

a. Given comprehensive income of $86,000, and other comprehensive income of $8,000, determine net income for the same period.	Answer
b. Given accumulated other comprehensive income on January 1 of $1,120,000 (credit), and other comprehensive income for the year of $130,000 (gain), what is accumulated other comprehensive income at year-end? *Indicate a debit balance with a negative sign.	Answer
c. Assuming no dividend payments, determine net income if retained earnings increased by $40,000.	Answer
d. Given an ending balance of stockholders’ equity of $152,000, an ending balance in no-par common stock of $100,000, and an ending balance in retained earnings of $68,000, determine the ending balance in accumulated other comprehensive income. *Indicate a debit balance with a negative sign.	Answer
AnswerYes, it is equal to the ending balance in accumulated OCI.Yes, is may be calculated given the information provided.No, the beginning balance in accumulated OCI is not determinable.No, the ending balance in accumulated OCI is not determinable.
f. If cash decreased during the year by $18,000 and ending cash totaled $10,000, determine beginning cash for the period.	Answer

Solutions

Expert Solution

a. Given comprehensive income of $86,000, and other comprehensive income of $8,000, determine net income for the same period.	Comprehensive income = Net Income + other comprehensive income	$86000 = NI + 8000	$ 78,000.00	Answer
b. Given accumulated other comprehensive income on January 1 of $1,120,000 (credit), and other comprehensive income for the year of $130,000 (gain), what is accumulated other comprehensive income at year-end? *Indicate a debit balance with a negative sign.	accumulated other comprehensive income at year-end = Bal + Gain	$1,120,000 + 130,000	1250000	Answer
c. Assuming no dividend payments, determine net income if retained earnings increased by $40,000.	Net Income = Increased in retained Earnings	$40,000	Answer
d. Given an ending balance of stockholders’ equity of $152,000, an ending balance in no-par common stock of $100,000, and an ending balance in retained earnings of $68,000, determine the ending balance in accumulated other comprehensive income. *Indicate a debit balance with a negative sign.	Total Stockholder equity = Common stock + RE + Accumulated Other Comprehensive Income	$152,000 - ($100,000 + $68,000)	-16000	Answer
AnswerYes, it is equal to the ending balance in accumulated OCI.Yes, is may be calculated given the information provided.No, the beginning balance in accumulated OCI is not determinable.No, the ending balance in accumulated OCI is not determinable.	Yes, is may be calculated given the information provided	Answer
f. If cash decreased during the year by $18,000 and ending cash totaled $10,000, determine beginning cash for the period.	beginning cash = Ending Cash Bal. + Change in cash bal	Beg. Cash = $10,000 - (-$18000)	28000	Answer

ekkarill92 answered 1 year ago

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