Reference no: EM132773695
Problem 1: Each of the following is likely to be included in other comprehensive income, except
A. Defined benefit pension plan prior service cost adjustment.
B. Foreign currency transaction gain.
C. Unrealized holding gains and losses of available-for-sale debt securities.
D. Net gain or loss from derivative cash flow hedges
Mag, Inc.'s December 31, Year 1, unadjusted current assets and stockholders' equity sections are as follows:
Current Assets:
Cash $ 15,000
Investments in debt securities
(including $75,000 of Mag, Inc. common stock) 100,000
Trade accounts receivable 85,000
Inventories 37,000
Total $237,000
Stockholders' Equity:
Common stock $556,000
Retained earnings (deficit) (56,000)
Total $500,000
Problem 2: Mag's stockholders' equity at December 31, Year 1, should be
A. $425,000
B. $481,000
C. $500,000
D. $556,000
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