Accounting
27th Edition
ISBN: 9781337272094
Author: WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher: Cengage Learning,
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Chapter 15, Problem 15.18EX
The income statement for Delta-tec Inc. for the year ended December 31, Year 2, was as follows:
| Delta-tec Inc. Income Statement (selected items) For the Year Ended December 31, Year 2 |
|
| Income from operations | $299,700 |
| Gain on sale of investments | 17.800 |
| Unrealized loss on trading investments | (72.500) |
| Net income | $245.000 |
The balance sheet dated December 31, Year 1, showed a
a. Determine the December 31, Year 2, Retained Earnings balance.
b. Provide the December 31. Year 2, balance sheet presentation for Trading Investments.
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