FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Calculator LM's, Inc. reported net income for the year ending December 31 of $483,500. Dividends paid during the year totaled $52,900. The company holds available-for-sale securities with an original cost of $162,000 and a fair value of $181,000 at the end of the year. They also hold trading securities with an original cost of $150,000 and a fair value of $147,000. Retained earnings on January 1 was $736,400 and accumulated other comprehensive income on January 1 as $16,200. Required: Calculate the following balances to be reported in the financial statements dated December 31. 1. Valuation Allowance for Available-for-Sale securities 2. Comprehensive Income 3. Retained Earnings 4. Accumulated Other Comprehensive Income 12:43 PM
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Transcribed Image Text:Calculator LM's, Inc. reported net income for the year ending December 31 of $483,500. Dividends paid during the year totaled $52,900. The company holds available-for-sale securities with an original cost of $162,000 and a fair value of $181,000 at the end of the year. They also hold trading securities with an original cost of $150,000 and a fair value of $147,000. Retained earnings on January 1 was $736,400 and accumulated other comprehensive income on January 1 as $16,200. Required: Calculate the following balances to be reported in the financial statements dated December 31. 1. Valuation Allowance for Available-for-Sale securities 2. Comprehensive Income 3. Retained Earnings 4. Accumulated Other Comprehensive Income 12:43 PM
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Step 1: Valuation Allowance
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Step 2: Comprehensive Income
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Step 3: Retained Earnings
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Step 4: Accumulated Other Comprehensive Income:
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