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   
0 0
Add a commentTranscribed image text
Next >

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

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Below are the current asset and current liability sections of Slinzer, Inc. for 2020 and 2019:...
Below are the current asset and current liability sections of Slinzer, Inc. for 2020 and 2019:     2020      2019 Current Assets:      Cash $ 10,000 $ 2,000      Accounts Receivable 16,000 20,000      Supplies 7,000 6,000 Current Liabilities:      Accounts Payable 5,600 4,500      Dividends Payable 1,000 2,500 Slinzer, Inc. reported net income of $25,000 for 2020, gain on the sale of equipment $3,200, and Depreciation Expense of $6,000. Instructions Prepare the Operating Activities section of the calendar year...
  The following data was taken from the financial records of Rock Corporation for the year 2019...
  The following data was taken from the financial records of Rock Corporation for the year 2019 at December 31. ​ Accounts Payable 160,000 Accounts Receivable 200,000 Building 400,000 Accumulated Depreciation-Building 320,000 Cash 175,000 Common Stock ($3 Par Value) 600,000 Common Stock Additional Paid-In Capital 100,000 Current Portion of Long-Term Debt 20,000 Equipment 60,000 Accumulated Depreciation-Equipment 40,000 Marketable Securities 125,000 Merchandise Inventory    90,000 Mortgage Payable 50,000 Notes Payable 25,000 Notes Payable (due in 2022) 75,000 Notes Receivable 15,000 Notes Receivable  (due...
A company has the following balances at December 31, 2019: Accounts payable 60,000 Accounts receivable 52,500...
A company has the following balances at December 31, 2019: Accounts payable 60,000 Accounts receivable 52,500 Cash 80,000 Common stock 200,000 Equipment 96,000 Equity investments 76,300 Inventory 57,000 Long-term liabilities 100,000 Patents 32,000 Retained earnings 17,000 Salaries payable 15,000 Unearned revenue 1,500 Additional information: The cash balance includes $20,000 cash restricted for future plant expansion. Allowance for doubtful accounts is $3,800. Accumulated depreciation on equipment is $40,000. The long-term liabilities balance includes $12,000 due in 2020. Format guidance: Enter whole...
The following amounts were reported on the December 31, 2019, balance sheet: Cash:    $ 16,000...
The following amounts were reported on the December 31, 2019, balance sheet: Cash:    $ 16,000 Accounts receivable:    44,000 Common stock:    80,000 Wages payable:    10,000 Retained earnings:    160,000 Land:    40,000 Accounts payable:    30,000 Bonds payable:    240,000 Merchandise inventory:    60,000 Buildings and equipment, net of accumulated depreciation:    360,000 Required:     a) Calculate working capital at December 31, 2019.     b) Calculate the current ratio at December 31, 2019.     c) Calculate the...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 83,000 Short-term investments 198,000 Accounts receivable 139,000 Long-term investments 43,000 Inventories 223,000 Loans to employees 48,000 Prepaid expenses (for 2019) 24,000 Land 288,000 Building 1,630,000 Machinery and equipment 645,000 Patent 160,000 Franchise 48,000 Note receivable 290,000 Interest receivable 20,000 Accumulated depreciation—building 628,000 Accumulated depreciation—equipment 218,000 Accounts payable 197,000 Dividends payable (payable on 1/16/19) 18,000 Interest payable 24,000 Taxes...
The following shows the ending balances of accounts for A Company as of December 31, 2018....
The following shows the ending balances of accounts for A Company as of December 31, 2018. Account Debits Credits Taxes payable 30,000 Inventory 285,000 Investments 140,000 Retained earnings 202,000 Prepaid expenses 148,000 Accumulated depreciation - equipment 110,000 Deferred revenue 80,000 Cash 65,000 Common stock 400,000 Equipment 320,000 Accounts payable 60,000 Accounts receivable 160,000 Notes payable 200,000 Allowance for uncollectible accounts 16,000 Interest payable 20,000 Total 1,118,000 1,118,000 Additional information: 1. Prepaid expenses include $120,000 paid on December 31, 2018 for...
XYZ Corporation reported the following selected amounts on its comparative balance sheet: Current Assets     2019     2020...
XYZ Corporation reported the following selected amounts on its comparative balance sheet: Current Assets     2019     2020 Trading Securities $9,000 $5000 Available-for-Sale Securities $28,000 $14,000 Current Liabilities Dividends Payable $35,021 $20,604 Accounts Payable $30,000 $52,000 Stockholders' Equity Common Stock ($1 par) $53,262 $148,462 Paid-in Capital in Excess of Par $150,441 $203,135 Paid-in Capital - Share Repurchase $9,555 $12,166 Retained Earnings $315,000 $400,000 Accumulated Other Comprehensive Income: Unrealized Gain on Available-for-Sale Securities $32,340 $50,605 The 2020 income statement of XYZ Corporation reports:...
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019....
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales for the year ended December 31, 2020, totaled $660,000. HAMES INC. Balance Sheets December 31, 2020 and 2019 2020 2019 Assets Cash $ 25,000 $ 19,000 Accounts receivable 78,000 72,000 Merchandise inventory 103,000 99,000 Total current assets $ 206,000 $ 190,000 Land 50,000 40,000 Plant and equipment 125,000 110,000 Less: Accumulated depreciation (65,000 ) (60,000 ) Total assets $ 316,000 $ 280,000 Liabilities...
On January 1, 2020, the general ledger of a Company includes the following account balances: Accounts...
On January 1, 2020, the general ledger of a Company includes the following account balances: Accounts Debit Credit Cash $ 84,000 Accounts Receivable 53,000 Allowance for Uncollectible Accounts $ 5,000 Inventory 44,000 Building 84,000 Accumulated Depreciation 24,000 Land 214,000 Accounts Payable 34,000 Notes Payable (8%, due in 3 years) 48,000 Common Stock 114,000 Retained Earnings 254,000 Totals $ 479,000 $ 479,000 The $44,000 beginning balance of inventory consists of 400 units, each costing $110. During January 2020, the following transactions...
Rachel Kumar, DDS, had the following balances in selected accounts on December 31, 2019. Accounts Receivable...
Rachel Kumar, DDS, had the following balances in selected accounts on December 31, 2019. Accounts Receivable $ 0 Prepaid Insurance 2,220 Supplies 2,940 Equipment 6,650 Accumulated Depreciation – Equipment 0 Salaries and Wages Payable 0 Notes Payable 15,000 Interest Payable 0 Unearned Service Revenue 30,000 All of the accounts have normal balances. The information below has been gathered at December 31, 2019. 1.Depreciation on the equipment for 2019 is $1,300. Record the adjusting entry. 2. Rachel Kumar borrowed $15,000 by...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT