Solution-Balances to be reported in the financial statements

Balances to be reported in the financial statements

Reference no: EM13331036

Q- MG, Inc. reported net income for the year ending December 31, 2012 of $483,500. Dividends paid during the year totaled $42,900. The company holds available-for-sale securities with an original cost of $162,000 and a fair value of $171,000 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, 2012 was $736,400 and Accumulated Other Comprehensive Income on January 1, 2012 was $16,200.

A) Calculate the following balances to be reported in the financial statements dated December 31, 2012.

-Valuation Allowance for Available-for-Sale securities =__

- Comprehensive Income =__

- Retained Earnings =__

- Accumulated Other Comprehensive Income =__

Reference no: EM13331036

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Balances to be reported in the financial statements

Reference no: EM13331036

Reference no: EM13331036

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