BUSI 1004 Lecture Notes - Lecture 4: Non-Sufficient Funds, Bank Reconciliation, Petty Cash
4 Nov 2018
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Statement of comprehensive income: on sale, any oci that has accumulated on these investments gets transferred from oci to retained. 59: carry them at their original cost if they are not actively traded. Ex: on march 31, 20x2, you make two investments: 1,500 shares of abc and 2,000 shares of xyz. The shares of abc are classified as fvtpl and the shares of abc are classified as fvtoci. The market price per share is as follows: March 31, 20x2 (current assets) fvtpl investment (1500 x 23) (often a current asset if less than a year) Dec 31, 20x4 fvtpl investments (1500 x (35-28)) 10,500. Other comprehensive income (2,000-(52-56)) 8,000 (31-23=8 x1500) fvtpl investments 12,000 (income statement) All of the net income gets closed to retained earnings. All comprehensive income gets closed to sits in shareholders" equity called accumulated other comprehensive income (aoci)
