Examine the items below and pay close attention to their balances (whether they are normally supposed to
Fantastic news! We've Found the answer you've been seeking!
Question:
Examine the items below and pay close attention to their balances (whether they are normally supposed to be debit/credit balances and what they are shown as).
Items: | Debit | Credit |
Unrealized foreign exchange gain on translation of self-sustaining foreign operations | 3000 | |
Adjustment to fair value of cash flow hedge derivative instruments | 6000 | |
Adjustment for change in accounting policy | 1000 |
Instructions:
Determine whether each item should be reported as a component under Net Income, Other Comprehensive Income, or neither. Explain why for each.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date: