Mansfield Company began operations on January 1, 2008, and purchased temporary investments in marketable securities during the

Question:

Mansfield Company began operations on January 1, 2008, and purchased temporary investments in marketable securities during the year at a cost of $123,000. The end-of-period market value for these investments was $137,000. Net income was $151,000 for 2008. Determine
(a) The reported amount of marketable securities on the December 31, 2008,
(b) The comprehensive income for 2008. Assume a tax rate of 40%.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...