Question
Duke Companys records show the following account balances at December 31, 2016: Sales $ 16,800,000 Cost of goods sold 9,900,000 General and administrative expenses 1,090,000
Duke Companys records show the following account balances at December 31, 2016: |
Sales | $ | 16,800,000 |
Cost of goods sold | 9,900,000 | |
General and administrative expenses | 1,090,000 | |
Selling expenses | 590,000 | |
Interest expense | 790,000 | |
Income tax expense has not yet been determined. The following events also occurred during 2016. All transactions are material in amount. |
1. | $390,000 in restructuring costs were incurred in connection with plant closings. |
2. | Inventory costing $490,000 was written off as obsolete. Material losses of this type are considered to be unusual. |
3. | It was discovered that depreciation expense for 2015 was understated by $59,000 due to a mathematical error. |
4. | The company experienced a foreign currency translation adjustment loss of $290,000 and had unrealized gains on investments of $270,000. |
Required: |
Prepare a single, continuous multiple-step statement of comprehensive income for 2016. The companys effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.) |
DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2016 Operating expenses: Total operating expenses Other income (expense): Income before income taxes Other comprehensive income (loss): Total other comprehensive loss Comprehensive income |
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