Concept explainers
The income statement for Delta-tec Inc. for the year ended December 31, Year 2, was as follows:
Delta-tec Inc. Income Statement (selected items) For the Year Ended December 31, Year 2 |
|
Income from operations | $299,700 |
Gain on sale of investments | 17.800 |
Unrealized loss on trading investments | (72.500) |
Net income | $245.000 |
The balance sheet dated December 31, Year 1, showed a
a. Determine the December 31, Year 2, Retained Earnings balance.
b. Provide the December 31. Year 2, balance sheet presentation for Trading Investments.
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Chapter 15 Solutions
Accounting, Chapters 14-26
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