Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

16 5 points The trial balance of Rollins Inc. included the following accounts as of December 31, 2021 Debits Credits Sales revenue 6,300,000 Interest revenue

image text in transcribed
16 5 points The trial balance of Rollins Inc. included the following accounts as of December 31, 2021 Debits Credits Sales revenue 6,300,000 Interest revenue 42,000 Loss on sale of investments 15,000 Loss on debt investments 166,000 Gain on projected benefit obligation 280,000 Cost of goods sold 4,760,000 Selling expense 440,000 Restructuring costs 200,000 15,000 General and administrative expense 340,000 8 01:57:38 eBook The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25% Required: Prepare a 2021 separate statement of comprehensive income for Rollins Inc. (Amounts to be deducted should be indicated with a minus sign.) ROLLINS INC. Statement of Comprehensive Income For the Year Ended December 31, 2021 Net income Other comprehensive income (net of tax) Total other comprehensive income Comprehensive income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting For Undergraduates

Authors: Christensen, Theodore E. Hobson, L. Scott Wallace, James S.

1st Edition

1618531123, 9781618531124

More Books

Students also viewed these Accounting questions

Question

=+c. Find or create a visual.

Answered: 1 week ago