Gerardo Company Had a Net Income of $75,000 and Other

question 147

Essay

Gerardo Company had a net income of $75,000 and other comprehensive income of $12,500 for the year. On January 1, the retained earnings balance was $525,000 and the accumulated other comprehensive income balance was $55,000. Determine the
(a) comprehensive income for the year,
(b) retained earnings balance on December 31, and
(c) the accumulated other comprehensive income on December 31.

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