What is “comprehensive income”? Its composition varies from company to company but may include which investment-related items that are not included in net income?
Answer to relevant QuestionsWhy are holding gains and losses treated differently for trading securities and securities available-for-sale?The equity method has been referred to as a one-line consolidation. What might prompt this description?Define a financial instrument. Provide three examples of current liabilities that represent financial instruments.S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2011, S&L purchased Coca-Cola common shares for $875,000 and sold the shares on January 3, 2012, for $880,000. At December ...Turner Company purchased 40% of the outstanding stock of ICA Company for $10,000,000 on January 2, 2011. Turner elects the fair value option to account for the investment. During 2011, ICA earns $750,000 of income and on ...
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