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UkoKoshka [18]
3 years ago
12

Comanic Corp. has common stock of $5,400,000, retained earnings of $2,000,000, unrealized gains on trading securities of $100,00

and unrealized losses on available for sale securities of $200,000. What is the total amount of its stockholders equity?
Business
1 answer:
aalyn [17]3 years ago
6 0

Answer:

$7,200,000

Explanation:

Given that,

Common stock = $5,400,000

Retained earnings = $2,000,000

Unrealized gains on trading securities = $100,000

Unrealized losses on available for sale securities = $200,000

Stockholder's equity:

= Common stock + Retained earnings - Unrealized losses on available for sale securities

= $5,400,000 + $2,000,000 - $200,000

= $7,200,000

Note that:

Unrealized gains on trading securities should be presented on the income statement. Hence, the ending retained earnings balance was already been adjusted with Unrealized gains (losses) on trading securities.

Unrealized losses on available for sale securities not included in the income  statement and it directly goes to the balance sheet.

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Explanation:

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Explanation:

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In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following ord
Dahasolnce [82]

Answer:

Find the detailed answer below

Explanation:

January 1     300 units at $5      $1,500

January 8     500 units at $9       $4,500

January 29 910 units at $10       $9,100

1,110 units are available at the end of the month. That means 600 units were sold

A. Under FIFO

1. Cost of goods available for sale:

        $1,500 + $4,500 + $9,100 = $15,100

2.   Cost of goods sold

         300 units at $5      $1,500

         300 units at $9      $2,700

          Total             $4,200

3. Ending inventory

           200 units at $9       $1,800

           910 units at $10      $9,100

           Total              $10,900

B. Under LIFO(Last in First Out)

1.  Cost of goods available for sale:

        $1,500 + $4,500 + $9,100 = $15,100

2.  Cost of goods sold

        600 units at $10      $6,000

        Total       $6,000

3. Ending inventory

       310 units at $10      $3,100

      500 units at $9        $4,500

      300 units at $5        $1,500

      Total        $9,100

C. Weighted average cost flow assumption: Cost of goods available for sale / total units

1. Cost of goods available for sale:

     $1,500 + $4,500 + $9,100 = $15,100

2. Cost of goods sold

      $15,100 / 1,710 = $8.83

      $8.83 x 600 = $5,298

3. Ending inventory

       $8.83 x 1,110 = $9,801.3

Under perpetual Inventory System

Between January 9 and January 28. The prevailing price that will be used to sell the inventory will be the price at January 8($9)

1. Cost of goods available for sale:

$1,500 + $4,500 + $9,100 = $15,100

2.  Cost of goods sold

        600 units at $9     $5,400

        Total           $5,400

3. Ending inventory

       1,110 units at $9      $9,990

      Total            $9,990

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