Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Does Accumulated Other Comprehensive Income (AOCI) include the OCI of the same year? Let's take the financial statements in December 2021 for example. The foreign

Does Accumulated Other Comprehensive Income (AOCI) include the OCI of the same year?

Let's take the financial statements in December 2021 for example. The foreign currency unrealized gains in the same year are 1000$. So OCI in December 2021 will include 1000$.

But will Accumulated Other Comprehensive Income (AOCI) on the balance sheet of December 2021 include those 1000$ too? Or will OCI of 2021 be transferred to AOCI only in 2022?

I have the same question for the retained earnings. Thank you.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Called To Account Financial Frauds That Shaped The Accounting Profession

Authors: Paul M. Clikeman

3rd Edition

1138327085, 9781138327085

More Books

Students also viewed these Accounting questions

Question

Explain internal recruitment methods.

Answered: 1 week ago

Question

Summarize job analysis for team members.

Answered: 1 week ago

Question

Describe the recruitment process.

Answered: 1 week ago