On December 31, 2015, Valur Co. had the following available-for-sale investment disclosure within the Current Assets section
Question:
On December 31, 2015, Valur Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet:
1 | Available-for-sale investments (at cost) | $166,050.00 |
2 | Plus valuation allowance for available-for-sale investments | 44,400.00 |
3 | Available-for-sale investments (at fair value) | $210,450.00 |
There were no purchases or sales of available-for-sale investments during 2016. On December 31, 2016, the fair value of the available-for-sale investment portfolio was $222,650. The net income of Valur Co. was $242,400 for 2016.
Compute the comprehensive income for Valur Co. for the year ended December 31, 2016. Refer to the Chart of Accounts and the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. If a net loss is incurred, enter that amount as a negative number using a minus sign.
Chart of Accounts
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Labels and Amount Descriptions
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Comprehensive income | |
Increase in retained earnings | |
Net income | |
Net loss | |
Other comprehensive income (loss) | |
Retained earnings, December 31, 2016 | |
Retained earnings, January 1, 2016 |
Statement of Comprehensive Income
Compute the comprehensive income for Valur Co. for the year ended December 31, 2016. Refer to the Chart of Accounts and the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. If a net loss is incurred, enter that amount as a negative number using a minus sign.
Valur Co. |
Statement of Comprehensive Income |
For the Year Ended December 31, 2016 |
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Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso