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(2) Jimmy Inc. reported the following trial balance at year end 2019. Sales revenue $30,000 Equipment rental revenue 840 Cost of sales 12,375 Selling and
(2) Jimmy Inc. reported the following trial balance at year end 2019. | |
Sales revenue | $30,000 |
Equipment rental revenue | 840 |
Cost of sales | 12,375 |
Selling and administrative expenses | 6,540 |
Interest expense | 1,120 |
Gain on sale of old machinery | 420 |
Unrealized gain on available for sale securities | 312 |
(A) Prepare a multi-step income statement of Jimmy Inc., assuming an income tax rate is 30%. | |
(B) Compute comprehensive income. | |
(C) If Beginning Retained Earnings was $15,000 and $2,000 of common stock dividends were paid, how would your report the ending Retained Earnings Balance |
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