Question
The Fast Company reported the following selected equity accounts at 1/1/Year3 (the start of the Year3 annual accounting period.) Assume a 0% tax rate Fast
The Fast Company reported the following selected equity accounts at 1/1/Year3 (the start of the Year3 annual accounting period.) Assume a 0% tax rate Fast had 20,000 shares of common stock outstanding throughout Year3.
Common stock | $300,000 credit |
Retained earnings (note the abnormal balance) | $ 7,500 debit |
Accumulated other comprehensive income | $ 3,400 credit |
During Year6, Boris &Boris reported $100,000 of net income and $2,000 of other comprehensive income (from a holding gain).
1. What was Comprehensive income for Year3?
2. What is the balance in Retained earnings reported on the 12/31/Year3 balance sheet?
3. What is the balance in Accumulated other comprehensive income reported on the 12/31/Year3 balance sheet?
4. What does the company report as earnings per share (EPS) for Year6? Round this answer to the nearest penny.
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