Resource: ABC Financial Data Excel® spreadsheet, ABC Supplemental Data, and the values from the Week 2 Individual Assignment Prepare a statement of Retained Earnings and Comprehensive Income using the values from Week 2. Apply error corrections to the re

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Home >Business & Finance homework help >Accounting homework help >Resource: ABC Financial Data Excel® spreadsheet, ABC Supplemental Data, and the values from the Week 2 Individual Assignment Prepare a statement of Retained Earnings and Comprehensive Income using the values from Week 2. Apply error corrections to the re

Sheet1

Week #3-
With the general data provided the following Financial Statements for ABC Company:
-Statement of Retained Earnings
-Statement of Owners Equity
-Apply error corrections to appropriate statement
-Calculate foreign currency translation and apply to appropriate statement
-Apply Hedging/Derivative transaction to appropriate statement
ABC Company			ABC Company
Statement of Retained Earnings			Statement of Owners Equity
For the Year Ended December 31, 2013			For the Year Ended December 31, 2013
January 1, as Reported	20,038.00
Correction of depreciation error			Capital Stock:
Cumulative increase in income			Preferred Stock	- 0
from inventory method change			Common Stock
January 1, as adjusted
			Additional Paid in Capital
Net Income
			Retained Earnings
Dividends
Balance, December 31			Accumulated Other
			Comprehensive Income
			Treasury Stock
ABC Company			Total Shareholder's Equity
Statement of Comprehensive Income
For the Year Ended December 31, 2013
Net Earnings
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments
Cash Flow Hedges, net of tax
Other Comprehensive Income
Total Other Comprehensive (Loss) Income
COMPREHENSIVE INCOME
Foreign Currency Translation-
Date	Exchange Rate	CA $ Cost of Land	Conversion to US $	Comprehensive Income on Land
12/31/10
12/31/11
12/31/12
12/31/13
ABC Company acquired a Canadian Subsidiary whose only asset was land.
ABC Company purchased the subsidiary on 12/31/10 for CA $5,250 and retaines 100% interest in the subsidiary.
Go to www.x-rates.com and use the historic lookup feature to determine the exact exchange rates on 12/31/10, 12/31/11, 12/31/12 and 12/31/13.
		ABC Company
		Statement of Owners Equity
		For the Year Ended December 31, 2013
	Common Stock					Treasury Stock
	Shares	Amount	Paid-In Capital	Retained Earnings	Other Comp Income	Shares	Amount	Stockholders Equity
Balance as of January 1, 2012	1733	87.00	6,966.00	17,246.00	293.00	-196	(6,694.00)	17,898.00
Net Earnings
Shares Issued Under Employee Stock Plans
Tax Effect of Stock-Based Compensation
Foreign Currency Translation Adjustments
Cash Flow Hedges, net of tax
Stock Options, Awards and Amortization of
Restricted Stock
Repurchases of Common Stock
Cash Dividends
Other
Balance as of January 1, 2013	1733	87.00	6,966.00	17,246.00	293.00	-196	(6,694.00)	17,898.00
Net Earnings
Shares Issued Under Employee Stock Plans
Tax Effect of Stock-Based Compensation
Correction of depreciation error
Cumulative increase in income from inventory
Foreign Currency Translation Adjustments
Cash Flow Hedges, net of tax
Stock Options, Awards and Amortization of
Restricted Stock
Repurchases of Common Stock
Cash Dividends
Other
Balance as of December 31, 2013	1733	87.00	6,966.00	17,246.00	293.00	-196	(6,694.00)	17,898.00