On january 1 2004 creative works inc had cash and common


1.On January 1, 2004, Creative Works Inc. had cash and common stock of $60,000. At that date the company had no other asset, liability or equity balances. On January 2, 2004, it purchased for cash $20,000 of equity securities that it classified as available-for-sale. It received cash dividends of $3,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,000 net of tax. Determine the following amounts for 2004: 

(a) Net income; 
(b) Comprehensive income; 
(c) Other comprehensive income; and 
(d) Accumulated other comprehensive income (end of 2004). 

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Accounting Basics: On january 1 2004 creative works inc had cash and common
Reference No:- TGS01482835

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