Compute comprehensive income for 2009

Reference no: EM131407975

In the shareholders' equity section of its 2008 and 2009 balance sheets, H&R Block reported accumulated other comprehensive income balances of $2.5 million and negative $11.6 billion, respectively. The 2009 income statement reported net income of $486 million. During 2009 the net holding loss for the available-for-sale securities held by H&R Block was $4 million, and the company incurred an additional $10 million loss on foreign currency translations. Neither item affected earnings, but both reduced shareholders' equity.

a. Compute comprehensive income for 2009.

b. Describe how these activities are reflected on H&R Block's balance sheet, income statement, and statement of shareholders' equity

Reference no: EM131407975

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