11.4 Presentation SE

Question 1

WHERE IS SE PRESENTED

Answer 1

sofp and soce

Question 2

what does sofp show

Answer 2

share capital

contributed surplus

re

acc other comprehensive income

Question 3

what is share capital

Answer 3

companys preferred and common shares

Question 4

contributed surplus

Answer 4

Contributed surplus includes equity amounts other than share capital arising from transactions with shareholders, such as the excess received when repurchasing and retiring shares at an amount less than they were originally issued at, as discussed earlier in this chapter.

Question 5

Note that retained earnings is the only shareholders’ equity account covered in the text that can have a debit balance.

Question 6

what is RE imapcted by

Answer 6

Net income (added earlu)

declaring dividends

repurchasing shares at a price exceeding avg cost

changes in acct policies (going from fifo to avg cost)

Question 7

The most common reason for a restriction is the requirement under a loan agreement (known as a covenant) to limit the amount of retained earnings that can be distributed as dividends.

Answer 7

basically a portion of re is not abailable for dividend payments

Question 8

what is accumulated other comp income

Answer 8

. One example that we learned about in Chapter 9is gains from revaluing property, plant, and equipment under the revaluation model. Another example that was briefly introduced in Chapter 5and that will be discussed in the next chapter is unrealized gains and losses on certain types of investments. You will learn about other items that can be included in OCI (loss) in more advanced accounting courses.

Question 9

net income + other comp income =

Answer 9

comp income

Question 10

what is net income closed to

Answer 10

retained earnings

Question 11

what does other comp income close to

Answer 11

acc other comp income

Question 12

Only companies using IFRS have to report other comprehensive income.

Question 13

SE section on SODP

Answer 13

SE title

Common shares, authroized:
Issused xxx
Retained earnings
Acc other comp income
Other items
Total SE

Question 14

SOCE format

Answer 14

CS other RE AOCI Total

Begin Bal
Comp income
Net income
Other comp income
Transactions w shareholders
Div decl
Repurchase of com sha
Treasurey shares and share repurchase commitment
Other
Balance end

Question 15

what is soce under

Answer 15

ifrs

Question 16

what is soce under aspe

Answer 16

statement of retained earnings

Question 17

sore format aspe

Answer 17

Balance begin
add: net income

less: div decl
balance end