The statement of changes in equity, from the financial statements of Forte Corp., for the year ended 31 December 20X1, is as follows(in thousands):Opening balanceComprehensive incomeTransfer on realizationCash dividendsStock dividendShare issuance; optionsOptions recordedShare retirementClosing balanceCommonshares.$1,500Category490190(55)$ 2,125Contributedcapital:options$270(85)115Retainedearnings$7,000Description75075(145)(490)AOCI:pension$(1,700)(150)(235)$300 $6,955 $(1,850)AOCI:investments$550Required:List the items that would be included in the SCF from these accounts for 20X1. Include the appropriate section (operating, investing, orfinancing). List the non-cash item disclosure. Assume that FVTOCI investments were sold for $90; carrying value was $90 on this date,but the original cost had been $40. The realized gain was transferred to retained earnings. (Enter your answers in thousands.)Amount450(75)$925

The gain on sale of FVTOCI investment is classified as an investing activity because it is a gain on…

The statement of changes in equity, from the financial statements of Forte Corp., for the year ended 31 December 20X1, is as follows (in thousands): Opening balance Comprehensive income. Transfer on realization Cash dividends Stock dividend Share issuance; options Options recorded Share retirement Closing balance. Common shares $1,500 490 190 (55) $2,125 Contributed capital: options $270 (85) 115 Retained earnings $7,000 750 75 (145) (490) (235) $300 $6,955 AOCI: AOCI: pension. investments $(1,700) (150) $(1,850) $550 450 (75) $925 Required: List the items that would be included in the SCF from these accounts for 20X1. Include the appropriate section (operating, investing, or financing). List the non-cash item disclosure. Assume that FVTOCI investments were sold for $90; carrying value was $90 on this date, your answers in thousands) but the original cost had hoon $10. The realized gain was transforred to retained earnings

The statement of changes in equity, from the financial statements of Forte Corp., for the year ended 31 December 20X1, is as follows (in thousands): Opening balance Comprehensive income. Transfer on realization Cash dividends Stock dividend Share issuance; options Options recorded Share retirement Closing balance. Common shares $1,500 490 190 (55) $2,125 Contributed capital: options $270 (85) 115 Retained earnings $7,000 750 75 (145) (490) (235) $300 $6,955 AOCI: AOCI: pension. investments $(1,700) (150) $(1,850) $550 450 (75) $925 Required: List the items that would be included in the SCF from these accounts for 20X1. Include the appropriate section (operating, investing, or financing). List the non-cash item disclosure. Assume that FVTOCI investments were sold for $90; carrying value was $90 on this date, your answers in thousands) but the original cost had hoon $10. The realized gain was transforred to retained earnings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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