User Account

All Pages

Compute the comprehensive income for memphis co

Assignment Help Accounting Basics
Reference no: EM132683727

Problem - Comprehensive income - On December 31, 2011, Memphis Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet:

Available-for-sale investments (at cost) $105,000

Plus valuation allowance for available-for-sale investments 15,000

Available-for-sale investments (at fair value) $120,000

There were no purchases or sales of available-for-sale investments during 2012. On December 31, 2012, the fair value of the available-for-sale investment portfolio was $94,000. The net income of Memphis Co. was $150,000 for 2012.

Required - Compute the comprehensive income for Memphis Co. for the year ended December 31, 2012.

Reference no: EM132683727

Questions Cloud

Necessary knowledge to make the decision : Explain why and how you would acquire the necessary knowledge to make the decision. Provide at least two references to support your position.
Determine mcdonald corporation dividend yield : McDonald's Corporation had a closing stock price of $64.74. Determine McDonald's Corporation's dividend yield. (Round to one decimal place.)
How do you plant to overcome any known or unknown biases : Using information reported in your Student Self-Assessment: Identify and discuss your own presuppositions: the primary presuppositions that function.
Find how much is the vat payable : How much is the VAT Payable? Progress billings paid to the contractor (services). Materials purchased during the month. Materials and supplies for use
Compute the comprehensive income for memphis co : The net income of Memphis Co. was $150,000 for 2012. Compute the comprehensive income for Memphis Co. for the year ended December 31, 2012
How much is the vat payable on october : How much is the VAT Payable on October, November and December? Provide the proper calculation and give the another example.
What is the value of the expected profit as of today : Determine whether you should buy or sell the FRA and what your expected profit will be if your forecast is correct. Round your answer to the nearest interger
Compute the comprehensive income for Frost Co : The net income of Frost Co. was $60,000 for 2012. Compute the comprehensive income for Frost Co. for the year ended December 31, 2012
Compare the ebit margin of two companies : When is it possible to compare the EBIT margin of two companies?

Reviews

Write a Review

Accounting Basics Questions & Answers

  From the e-activity describe the impact of adopting ifrs

from the e-activity discuss the impact of adopting ifrs reporting on equity-based accounting for financial reporting

  Describe how transportation costs to obtain inventory

Describe how transportation costs to obtain inventory (freightin) are accounted for by a merchandising company using a perpetual inventory system. Explain the reasoning behind this accounting treatment.

  Joint costs using the relative sales values

Allocate joint costs using the relative sales values at the split-off point and calculate the profit per 100 pound box of sugar coated peels and the profit per pint of juice.

  Red sauce canning company processes tomatoes in catsup

red sauce canning company processes tomatoes into catsup tomato juice and canned tomatoes.nbsp during the summer of

  What is the amount and character of the recognized gain

Sylva transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. What is the amount and character of the recognized gain or loss

  The us government sells 3-month treasury bills microsoft

which of the following is an example of both a capital market and a primary market transaction? no transactions occur

  Find the present value of the ordinary annuities

Find the present value of the following ordinary annuities: $400 per year for 10 years at 10% $200 per year for 5 years at 5%, $400 per year for 5 years at 0%.

  Beta deposits the check in its city bank account

Mona, an employee of National Corporation (NC), is authorized to use a signed NC check to buy supplies. Mona fills out the check so that it states an amount $500 in excess of the purchase price and cashes it at Office Supply Store.

  Calculate the margin of safety in units

The price is $20, and fixed costs are $106,200. Calculate the margin of safety in units and in sales revenue if 18,000 custom skins are sold

  Receipt of the incentive stock options

What 2010 income, if any, must Maritza report due to the receipt of the incentive stock options?

  Jones co can further process product b to produce product c

jones co. can further process product b to produce product c. product b is currently selling for 60 per pound and costs

  Violation of the profession ethical standard

A violation of the profession's ethical standards most likely would have occurred when a CPA:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd