Comprehensive income & Other Income
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General Motors ended its 2007 year with shareholders'' equity of -$37,094 million at December. Six months later, at June 30, 2008, it reported -$56,990 million in equity after paying a dividend of $283 million to shareholders. Here are no other transactions with shareholders.
a) What was comprehensive income for the six months?
b) The income statement reported a loss of $18,722 million for six months. What was "other comprehensive income"?
c) How can a firm have negative equity?
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Solution Summary
The solution computes comprehensive income and find out how a firm can have negative equity.
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Formula
A) Shareholder's ending equity of period = Shareholder's Beginning equity of period - Dividend + Share issue
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