The following was taken from the 2012 annual report of H&R Block: Proceeds from the sales of
Question:
The following was taken from the 2012 annual report of H&R Block:
Proceeds from the sales of (available-for-sale) securities were $8.4 million, and $2.1 million, during fiscal years 2012 and 2010, respectively. We did not sell any AFS securities in fiscal year 2011. We recorded a gross realized gain of $14 thousand on sales of AFS securities during fiscal year 2012, but no gross realized gains or losses on sales during fiscal year 2010.
REQUIRED:
a. Describe the difference between trading securities and available-for-sale securities.
b. How is the company’s total comprehensive income affected by the dollar values reported in the footnote?
c. Compute the cost of the securities sold during 2010 and 2012.
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a Trading securities are bought and held principally for the purpose of selling them in the ...View the full answer
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