On December 31, 2009, Phoenix Co. had the following available-for-sale investment disclosure within the Current Assets section
Question:
Available-for sale investment (at cost) $105,000
Plus valuation allowance for available-for-sale investments 15,000
Available-for sale investments (at fair value) $120,000
There were no purchases or sales of available-for-sale investments during 2010. On December 31, 2010, the fair value of the available-for-sale investment portfolio was $101, 000. The net income of Phoenix Co. was $135,000 for 2010.
Prepare a statement of comprehensive income for Phoenix Co. for the year ended
December 31, 2010.
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Comprehensive Income Retained earnin...View the full answer
Answered By
Simon kingori
I am a tier-one market researcher and content developer who has been in this field for the last six years. I’ve run the freelancing gamut; from market research, data mining and SEO/SMM to copywriting, Content Development, you name it, I’ve done it. I’m extremely motivated, organized and disciplined – you have to be to work from home. My experience in Freelancing is invaluable- but what makes me a cut above the rest is my passion to deliver quality results to all my clients- it’s important to note, I've never had a dissatisfied client. Backed by a Masters degree in Computer Science from MOI university, I have the required skill set and burning passion and desire to deliver the best results for my clients. This is the reason why I am a cut above the rest. Having taken a Bsc. in computer science and statistics, I deal with all round fields in the IT category. It is a field i enjoy working in as it is dynamic and new things present themselves every day for research and exploration.
1+ Reviews
10+ Question Solved
Related Book For 
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
