Homework Answers
Other Comprehensive Incomes includes the items revenue , expenses , losses and gains which are yet to be realised. It affects the equity of the balance sheet.Other Comprehensive Income bypasses the income statement but affects owners equity.
In our question all the options other than (D) affects the Income statement of the company but any gain or loss on trading securities will affect the equity side of the Balance Sheet.
So the best option among the four is (D).
The unrealised gain and losses on trading securities.
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Question 47 (2 points) Which of the following would commonly appear as a component (an item)...
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Saved Help Week 3: Homework Submit Save & Exit Check my work 4 The Massoud Consulting...
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a. In accordance with International Financial Reporting Standards (IFRS), which translation combination would be appropriate for a foreign operation whose functional currency is the currency of the host country (foreign currency)? Method Treatment of Translation Adjustment Temporal Separate component of stockholders' equity b. Temporal Gain or loss in income statement Current rate Separate component of stockholders' equity d. Current rate Gain or loss in income statement The functional currency of Garland Inc.'s Japanese subsidiary is the Japanese yen. Garland borrowed...
Saved Help Week 3: Homework Submit Save & Exit Check my work 4 The Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 and an unrealized loss on debt securities of $70,000. The company's effective tax rate on all items affecting comprehensive Income is 25%. Each component of other comprehensive Income is displayed net of tax. 5...
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