Question

Schaeffer Corporation reports $52 million accumulated other comprehensive income in its balance sheet as a component of shareholders’ equity. In a related statement reporting comprehensive income for the year, the company reveals net income of $520 million and other comprehensive income of $27 million. What was the balance in accumulated other comprehensive income in last year’s balance sheet? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).)

Answer 1

$25,000,000

Step-by-step explanation:

Schaeffer corporation reports $52 million accumulated other comprehensive income in its balance sheet

The company reveals a net income of $520 million

Other comprehensive income is $27 million

Therefore the balance accumulated in last year's balance sheet can be calculated as follows

= $52,000,000 - $27,000,000

= $25,000,000