CPAnet Forum: AICPA FAR realesed 2012 question

Active Topics

Memberlist

Help

FAR STUDY GROUP
CPAnet Forum : FAR STUDY GROUP

Topic: AICPA FAR realesed 2012 question (

Topic Closed)

Author

Message

<< Prev Topic | Next Topic >>

nishvik
Contributor

Joined: 01 Aug 2010
Location: United States
Online Status: Offline
Posts: 56

Posted: 12 Jul 2012 at 14:34 \| IP Logged

Can any one explain answer to this MCQ

2. CPABurnsCorp. had the following items:

Sales revenue $45,000
Loss on early extinguishment of bonds 36,000
Realized gain on sale of available-for-sale securities
28,000
Realized gain on sale of available-for-sale securities
17,000
Loss on write-down of inventory 3,100

Which of the following amounts would the statement of
comprehensive income report as other
comprehensive income or loss?
a. $11,000 other comprehensive income.
b. $16,900 other comprehensive income.
c. $17,000 other comprehensive loss.
d. $28,100 other comprehensive loss

Correct Answer is c..

I couldnt derive the answer..Its pretty basic but I dont
understand :-S

__________________
Thank you

Nishvik

nishan
Newbie
Newbie

Joined: 09 Jul 2012
Location: Nepal
Online Status: Offline
Posts: 2

Posted: 15 Jul 2012 at 12:15 \| IP Logged

there is only two option either realised gain of 28000 or
17000 will be go in OCI as reclassification adjustment
other are not OCI item. Now in answer choice there is 28100
in option d and 17000 in option c. so c is correct answer
which is debited in OCI as reclassification adjustment

__________________
nishan

Sorry, you can NOT post a reply.
This topic is closed.

Printable version

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum