Reference no: EM131760316

Resource: ABC Financial Data Excel® spreadsheet, ABC Supplemental Data, and the values from the Week 2 Individual Assignment

Prepare a statement of Retained Earnings and Comprehensive Income using the values from Week 2.

Apply error corrections to the retained earnings statement.

Calculate foreign currency translation using the X-Rates Historic Lookup site at https://www.x-rates.com.

Apply hedging or derivative transaction into statement.

Prepare a Statement of Owner's Equity, referring to the balance sheet results as well as the statements prepared for the Week 2 Individual Assignment.

Here is week two information also. I am attaching all required information for both assignments.

Resource: ABC Financial and Supplemental Data Excel® spreadsheets, and footnotes from the Week 2 Learning Team assignment

Calculate the deferred tax asset or liability of an error for the scenario provided.

Calculate inventory calculation average cost, first-in-first-out (FIFO), and last-in-first-out (LIFO). Record the calculated average cost in the financial statement.

Calculate the straight-line depreciation.

Create an income statement using the results calculated above.

Create a balance sheet using the results calculated above. Insert your Learning Team's footnotes into the balance sheet and income statement. Identify in the footnotes the depreciation methods being used for the fixed assets. Also identify the footnotes the methodology used to determine deferred taxes.