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As required by GAAP [FASB ASC 320, previously SFAS No. 115], 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 (losses) included in net income”? Can you think of an instance where reclassification adjustment could be used unethically?
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Jenny Kanne and Cindy Travis borrowed $21,840 on a 7-month, 5% note from Golden State Bank to open their business, KT’s Coffee House. The money was borrowed on June 1, 2014, and the note matures January 1, 2015. Prepare the entry to record the receip..
Which of the following events would be recognized and entered in Hallmark Company's accounting records? - Why?
questiondement publishing divisionthe dement publishing division sells large volumes of novels to a few book
question nbspthe village of harris issued 5000000 in 6 percent general obligation tax supported bonds on july 1 2011 at
Prepare a statement of cash flows for the year 2012 -
Find the cash flow from the mark-to-market proceeds on the contract. Assume that the parity condition always holds exactly. Find the one-month holding-period return if the initial margin on the contract is $10,000.
Using the deferral method, prepare a statement of revenues and expenses and a statement of changes in net assets for Wise Owls for 20X1.
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