Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question text for the year ended december 31, 2020

Question text For the year ended December 31, 2020, Transformers Inc. reported the following: Net...

80.2K

Verified Solution

Question

Accounting

Question text

For the year ended December 31, 2020, Transformers Inc. reported the following: Net income $200,000 Preferred dividends declared 40,000 Unrealized holding loss, net of tax 2,000 Gain on foreign currency exchange, net of tax 5,000 Retained earnings 400,000 Accumulated Other Comprehensive Income, Beginning Balance 20,000 What would Transformers report as its ending balance of Accumulated Other Comprehensive Income?

Select one:

a. $23,000

b. $18,000

c. $220,000

d. $20,000

please explain how to solve problem. thank you

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students