Determine the following amounts for 2010 a net income b , Ask an Expert

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In January 1, 2010, Richards Inc. had cash and common stock of $60,000. At that date the company had no other asset, liability or equity balances. On January 2, 2010, it purchased for cash $20,000 of equity securities that it classified as available-for-sale. It received cash dividends of $3,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $4,000 net of tax. Determine the following amounts for 2010: (a) net income; (b) comprehensive income; (c) other comprehensive income; and (d) accumulated other comprehensive income (end of 2010).

(a) Net income

(b) Comprehensive income

(d) Accumulated other comprehensive income

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973985

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