Quick Investment Company (QIC)began operations on January 1,2016.It acquired the following investments:

QIC earned interest of $12,000 during 2016.Dividends of $16,000 were declared on the FVPL shares it owned during 2016.Of that amount,$9,000 was received in December 2016 and $7,000 was received in January 2017 (note that the ex-dividend date for these shares was prior to the end of the year).How much would QIC's total income from its investments be on the profit or loss portion of its statement of comprehensive income for the year ended December 31,2016?
A)$21,000
B)$28,000
C)$48,000
D)$58,000

Question

Quick Investment Company (QIC)began operations on January 1,2016.It acquired the following investments:

QIC earned interest of $12,000 during 2016.Dividends of $16,000 were declared on the FVPL shares it owned during 2016.Of that amount,$9,000 was received in December 2016 and $7,000 was received in January 2017 (note that the ex-dividend date for these shares was prior to the end of the year).How much would QIC's total income from its investments be on the profit or loss portion of its statement of comprehensive income for the year ended December 31,2016?
A)$21,000 
B)$28,000 
C)$48,000 
D)$58,000

Quizplus · Accepted Answer

D)($75,000 - $55,000)+ $12,000 + $16,000 = $48,000

Quick Investment Company (QIC)began Operations on January 1,2016