Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / The income statement for Delta-tec Inc for the year ended December 31 2016 was as follows:...

The income statement for Delta-tec Inc for the year ended December 31 2016 was as follows: Delta-tec Inc Income Statement selected items For the Year Ended December

The income statement for Delta-tec Inc. for the year ended December 31, 2016, was as follows:

Delta-tec Inc.
Income Statement (selected items)
For the Year Ended December 31, 2016
1 Income from operations $299,700.00
2 Gain on sale of investments 17,800.00
3 Less unrealized loss on trading investments (72,500.00)
4 Net income $245,000.00


The balance sheet dated December 31, 2015, showed a Retained Earnings balance of $825,000. During 2016, the company purchased trading investments for the first time at a cost of $346,000. In addition, trading investments with a cost of $66,000 were sold at a gain during 2016. The company paid $65,000 in dividends during 2016.

   
A. Determine the December 31, 2016, Retained Earnings balance.
B. Provide the December 31, 2016, balance sheet presentation for Trading Investments.

Jun 16 2020 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions