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The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2011. In addition, during the year the company experienced a foreign currency translation adjustment gain of $240,000 and had unrealized losses on investment securities of $80,000. The company's effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net of tax.

Required:

1. Prepare a combined statement of income and comprehensive income for 2011, beginning with net income.

2. Prepare a separate statement of comprehensive income for 2011.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9409292

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