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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

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