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4 years ago

The income statement for Delta-tec Inc. for the year ended December 31, Year 2, was as follows:

Business

1 answer:

postnew [5]4 years ago

8 0

Answer and Explanation:

Retain earnings, year 2

= retained earnings year 1 + earning for year 2

= $825,000 + ($245,000 - $65,000)

= $825,000 + $180,000

= $1,005,000

Therefore, The December 31, Year 2, Retained Earnings balance is $1,005,000.

trading inverstments are classified under current assets. the closing balance of trading inverstments is:

trading inverstments purchased at cost in year 2 $346,000

trading inverstments sold at cost in year 2 $66,000

balance of trading inverstments at cost $280,000

The balance sheet is present like:

D-Tec Inc

balance sheet

particulars amount($)

current asstes

trading inverstments(at cost) 280,000

valuation allowance for trading inverstment (72,500)

trading inverstments(at fair value) 207,500

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1 year ago

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erastova [34]

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Suppose, you have $20,000 in your account. You receive a monthly

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________________________

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