1.) For the year ended December 31, 2012, Transformers Inc. reported the following:
- Net income $120,000
- Preferred dividends declared 20,000
- Common dividend declared 4,000
- Unrealized holding loss, net of tax 2,000
- Retained earnings 160,000
- Common stock 80,000
- Accumulated Other Comprehensive Income,
- Beginning Balance 10,000
What would Transformers report as its ending balance of Accumulated Other Comprehensive Income?
2.) IFRS includes both International Financial Reporting Standards and International Accounting Standards For the year ended December 31, 2012, Transformers Inc. reported the following:
- Net income $120,000
- Preferred dividends declared 20,000
- Common dividend declared 4,000
- Unrealized holding loss, net of tax 2,000
- Retained earnings 160,000
- Common stock 80,000
- Accumulated Other Comprehensive Income,
- Beginning Balance 10,000
What would Transformers report as its ending balance of Accumulated Other Comprehensive Income?
a.)$8,000
b.)$2,000
c.)$12,000
3. Franco Company uses IFRS and owns property, plant and equipment with a historical cost of 5,000,000 euros. At December 31, 2011, the company reported a valuation reserve of 8,365,000 euros. At December 31, 2012, the property, plant and equipment was appraised at 5,325,000 euros. The property, plant and equipment will be reported on the December 31, 2012 balance sheet at
Keisler Corporation reports:
- Cash provided by operating activities $ 240,000
- Cash used by investing activities 110,000
- Cash provided by financing activities 140,000
- Beginning cash balance 70,000
What is Keisler's ending cash balance?
a.) $490,000
b.) $340,000
c.) $560,000
d.) $270,000