| 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 |
RSaleem
wk_3s_hw_template.xlsx
