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ABC Companys records show the following account balances at December 31, 2021 ($ in millions): Sales revenue $14,000 Interest revenue 350 Dividends revenue 200 Cost
ABC Companys records show the following account balances at December 31, 2021 ($ in millions):
Sales revenue $14,000
Interest revenue 350
Dividends revenue 200
Cost of goods sold 10,000
General and administrative expense 1,000
Selling expense 650
Interest expense 370
Additionally, the following events also occurred during 2021. All transactions are material in amount.
- $270 in restructuring costs were incurred in connection with plant closings.
- Inventory that had cost $50 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $10.
- It was discovered that depreciation expense for 2020 was understated by $90 due to a mathematical error.
- The company experienced a positive foreign currency translation adjustment of $280.
- During the year, ABC completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP regarding discontinued operations. The division had incurred operating loss of $800 in 2021 prior to the sale, and its assets were sold at a loss of $200.
- Weighted Average shares outstanding is 100,000 shares for 2021.
- The companys effective tax rate for 2020 and 2021 is 20%.
- Retained earnings 12/31/20 as reported was $1,800.
- Common dividends declared and paid in 2021 was $250.
Problem:
1.) Prepare a single, continuous multiple-step statement of comprehensive income for 2021.
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