Question

Consider the following current asset balances for LB Inc: 2019 2020 Cash $   120,000 $   127,200...

Consider the following current asset balances for LB Inc:

2019 2020
Cash $   120,000 $   127,200
Accounts Receivable $     62,400 $     60,000
Marketable Securities $     44,000 $     47,200
Inventory $     38,400 $     40,800
Total Current Assets $   264,800 $   275,200

Based only on this information, what is the change in the Accumulated Other Comprehensive Income account from 2019 to 2020?

Group of answer choices

A ($3,200)

B $7,200

C $10,400

D $ 3,200

Business   Accounting   
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Homework Answers

Answer #1

Balance of marketable securities at the end of 2019 = $44,000

Balance of marketable securities at the end of 2020 = $47,200

Increase in the balance of marketable securities from 2019 to 2020 = $47,200 - $44,000 = $3,200

The increase in the balance of marketable securities would have been recorded by a debit to the securities account and a credit to Accumulated Other Comprehensive Income account.

Therefore, change in the Accumulated Other Comprehensive Income account from 2019 to 2020 is $3,200.

The correct answer is D. $3,200

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