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Roger Corporation reports accumulated other comprehensive income of $10 million at 12/31/16. For the year ended 12/31/17, the company reports net income of $12 million and total comprehensive income of $15 million. On 12/31/17, Roger Corporation should report accumulated other comprehensive income of:_______________

Respuesta :

hyderali230

Answer:

On 12/31/17, Roger Corporation should report accumulated other comprehensive income of $13 million

Explanation:

Accumulated other comprehensive income account is the port equity section in the balance sheet  and it reports the accumulated unrealized gains / losses of the company.

Accumulated Comprehensive income account:

Opening balance on 12/31/16          = $10 million

Additions for the year ( $15 - $12 )  = $3 million

Opening balance on 12/31/17          = $13 million

Net income will be added to retained earning. The Value of total comprehensive income is divided in two parts first Net income and second other comprehensive income. Net income will be transferred to retained earning account and other comprehensive to accumulative comprehensive income account.

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