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Microsoft Corporation reports its investments available-for-sale at the fair value of the investment securities. The net unrealized holding gain is not reported in the income statement. Instead, it's reported as part of Other comprehensive income and added to Accumulated other comprehensive income in shareholders' equity. Comprehensive income is a broader view of the change in shareholders' equity than traditional net income, encompassing all changes in equity from non-owner transactions. Microsoft chose to report its Other comprehensive income as a separate statement in a disclosure note in its annual report: MSFT Annual Report 2011 What does Microsoft mean by the term "Reclassification adjustment for gains included in net income"? Can you think of an instance where reclassification adjustment could be used unethically?
The kind of standard that is most useful for planning and control is:
Assume a 5 year useful life with a residual value of $50,000, how much depreciation expense should the company record on its books each year using the double declining balance method of depreciation?
On December 31, 2019, Bassinger pays a demolition firm to dismantle the depot and remove the tanks at a price of $80,000. Prepare the journal entry for the settlement of the asset retirement obligation.
a tabular analysis of transactions made throughout august 2010 by witten company during its first month of operations
XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.
1.garcia corporation purchased a truck by issuing an 95200 4-yearnbspnbspzero-interest-bearing note to equinox inc. the
Updike and Patterson Investmens inc (UPI) holds equity investments with a cost basis of $250,000. UPI accounts for these investments as available-for-sale securities.
On December 31, 2011, Wellstone Company reported net income of $70,000 and sales of $210,000. The company also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively. Wellstone will report cash collected from custom..
What is the rate structure of the U.S. federal income tax? Analyze the progressive nature of the U.S. tax system and its consequences.
What is the absorption costing breakeven point in units?
On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. Prepare the journal entry at the date of the bond purchase.
(a) Journalize the transactions. (b) Indicate the income statement effects of the transacton.
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