Joe Schreiner controller for On Time Clock Company Inc recently
Joe Schreiner, controller for On Time Clock Company Inc., recently prepared the company's income statement and statement of changes in equity for 2014. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting.
(a) Assume that On Tune Clock Company follows IFRS, and that the company accounts for its investments in accordance with IAS 39. Prepare a statement of comprehensive income showing expenses by function. Ignore calculation of EPS.
(b) Prepare the retained earnings and accumulated other comprehensive income portion of the statement of changes in equity. Assume an opening balance of$120,000 in accumulated other comprehensive income.
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