Determine net income and comprehensive income
Course:- Accounting Basics
Reference No.:- EM132048554

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Question - On January 1, 2014, Richards Inc. had cash and common stock of $61,240. At that date, the company had no other asset, liability, or equity balances. On January 2, 2014, it purchased for cash $22,760 of equity securities that it classified as available-for-sale. It received cash dividends of $3,480 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,630 net of tax. Determine the following amounts for 2014: (a) net income; (b) comprehensive income; (c) other comprehensive income; and (d) accumulated other comprehensive income (end of 2014).

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