I am requesting assistance to prepare a statement of Retained Earnings and Comprehensive Income using the values from Week 2. ? Apply error corrections to the retained earnings statement. ? Calculate foreign currency translation. ? Apply hedging or derivative transaction into statement. Prepare a Statement of Owner's Equity, referring to the balance sheet results as well as the statements prepared for the Week 2 Individual Assignment. Submit the Statement of Retained Earnings in a Microsoft Excel spreadsheet and the Statement of Owner's Equity and Comprehensive Income. The following should be on your excel sheet to properly respond to the above questions: 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 Fact situation for ?calculate foreign currency translation?: 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. Required: 1. Build a schedule showing the foreign currency translation by year showing the amount to be booked to ?other comprehensive income? which is part of stockholders equity. Overall assignment guidance: To build the Statement of Retained Earnings and the Statement of Owners Equity use the trial balance you built in week 2. You should not have to do any caluclations for the week 3 requirements with the exception of the ?foreign currency translation? above. Any help is greatly appreciated

The following data is available for your computation of the cost of goods sold and the ending inventory Date Description No. of Units Cost Per Unit 1-Jan Beginning Inventory 5-Jan Purchase 25-Mar Purchase 8-Jun Purchase 15-Sep Purchase 15-Dec Purchase Total Value of goods available for sale 800 950 950 745 625 505 4,575 Total Cost 14.39 13.46 12.81 13.65 13.25 14.97 Required; Compute the cost of goods sold for the year ended Dec.31,2011 and the ending inventory under the following cost assumptions; a) First in First Out Units 3,765 810 Amount $ 50877.75 11,601.10 3,765 810 50,832.25 11,646.60 3,765 810 Cost of Goods Sold Ending Inventory 51,417.02 11,061.83 b) Last in First out Cost of Goods Sold Ending Inventory c) Average cost method Cost of Goods Sold Ending Inventory Journal Entry Particulars Amount $ Cost of Goods Sold Inventory Amount $ 51,417 51,417 b. The following data will be used for your computation of depreciation expense using the straight line method. Plant Cost Life 660,000 22,000 30 Amount of Depreciation Machinery & equipment Amount of Depreciation 79,000 3,950 20 Truck Amount of Depreciation 42,000 6,000 7 Journal Entry Particulars Amount $ Depreciation Expense Accumulated Depreciation on Plant Accumulated Depreciation on Machinery & equipment Accumulated Depreciation on Truck Amount $ 31,950 22,000 3,950 6,000 Journal Entry Particulars Amount $ Retained Earnings Deferred Tax Liability Accumulated Depreciation 1,505 Inventory Deferred Tax Liability Retained earnings Trial Balance (Balance Sheet Accounts Only) Cash and Cash Equivalents Receivables, net Inventory Other Current Assets Property and Equipment, at cost Accumulated Depreciation and Amortization Goodwill Deferred Tax Asset Accounts Payable Accrued Salaries and Related Expenses Sales Taxes Payable Deferred Revenue Income Taxes Payable Current Installments of Long-Term Debt Other Accrued Expenses Long-Term Debt, excluding current installments Other Long-Term Liabilities Deferred Tax Liability Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Common stock Total Data Needed For Preparation of Week 2 Income Statement Net Sales Cost of Sales Selling, General and Administrative Depreciation and Amortization Interest and Investment Income Interest Expense Provision for Income Taxes Amount $ 903 602 1,285 514 771 2013 2012 4,960.00 1,398.00 12,346.83 895.00 36,033.00 (15,684.00) 1,289.00 88.00 (5,797.00) (1,428.00) (396.00) (1,337.00) (12.00) (33.00) (1,746.00) (14,691.00) (2,042.00) (457.00) (8,402.00) (23,180.00) (46.00) 19,194.00 (88.00) 864.83 2,494.00 1,413.00 11,512.00 900.00 38,491.00 (17,473.00) 1,046.00 473.00 (5,192.00) (1,200.00) (472.00) (1,262.00) 107.00 783.00 (1,794.00) (9,475.00) (2,029.00) (545.00) (7,948.00) (20,038.00) (397.00) 10,694.00 (88.00) - 78,812.00 51,417.02 16,597.00 33,545.00 (12.00) 711.00 (3,082.00) 74,754.00 48,912.00 16,508.00 1,568.00 (87.00) 632.00 (2,686.00) 11,512.00 12,787.00 12,169.50 10,169.25 8,281.25 7,559.85 62,478.85 Trial Balance (Balance Sheet Accounts Only) 2013 Cash and Cash Equivalents Receivables, net Inventory Other Current Assets Property and Equipment, at cost Accumulated Depreciation and Amortization Goodwill Deferred Tax Asset Accounts Payable Accrued Salaries and Related Expenses Sales Taxes Payable Deferred Revenue Income Taxes Payable Current Installments of Long-Term Debt Other Accrued Expenses Long-Term Debt, excluding current installments Other Long-Term Liabilities Deferred Tax Liability Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Common stock Total 4,960.00 1,398.00 2012 (8,402.00) (23,180.00) (46.00) 19,194.00 (88.00) (11,025.00) 2,494.00 1,413.00 11,512.00 900.00 38,491.00 (17,473.00) 1,046.00 473.00 (5,192.00) (1,200.00) (472.00) (1,262.00) 107.00 783.00 (1,794.00) (9,475.00) (2,029.00) (545.00) (7,948.00) (20,038.00) (397.00) 10,694.00 (88.00) - Data Needed For Preparation of Week 2 Income Statement Net Sales 78,812.00 Cost of Sales Selling, General and Administrative 16,597.00 Depreciation and Amortization 1,595.00 Interest and Investment Income (12.00) Interest Expense 711.00 Provision for Income Taxes (3,082.00) 74,754.00 48,912.00 16,508.00 1,568.00 (87.00) 632.00 (2,686.00) Additional Data needed for week 3-6 Foreign Currency Translation Adjustments Cash Flow Hedges, net of tax Other Comprehensive Income Dividends Tax rate Shares Issued Under Employee Stock Plans Tax Effect of Stock-Based Compensation Restricted Stock Repurchases of Common Stock 895.00 36,033.00 (15,684.00) 1,289.00 88.00 (5,797.00) (1,428.00) (396.00) (1,337.00) (12.00) (33.00) (1,746.00) (14,691.00) (2,042.00) (12.00) (10.00) (2,243.00) 40% 103.00 123.00 228.00 (8,500.00) 100.00 5.00 (1.00) (1,743.00) 40% 678.00 82.00 222.00 (4,000.00) Curtis: The data below this line will be used only in week 5 for the cash flow statement direct method. Additional Info: Cash Sales Collections on Receivables Purchases Wages Payments to Suppliers Tax Payments Interest payments Capital Expenditures Payments for Businesses Acquired Proceeds from Sales of Property and Equipment Proceeds from Long-Term Borrowings Repayments of Long-Term Debt Repurchases of Common Stock Proceeds from Sales of Common Stock Cash Dividends Paid to Stockholders Other Financing Activities Curtis: You do not need any of the data below for the week 2 assignment! 4,523.00 6,739.00 (1,332.00) (987.00) (1,028.00) (275.00) (12.00) (1,389.00) (206.00) 88.00 5,222.00 (1,289.00) (8,546.00) 241.00 (2,243.00) (37.00) 4,356.00 6,038.00 (1,276.00) (905.00) (1,121.00) (204.00) (10.00) (1,312.00) (170.00) 50.00 (32.00) (3,984.00) 784.00 (1,743.00) (59.00)