{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-22T19:01:15-04:00", "answer_date": "2024-05-22 19:01:15", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1526689", "url": "\/study-help\/questions\/duke-companys-records-show-the-following-account-balances-at-december-1526689", "question_creation_date_js": "2024-05-22T19:01:15-04:00", "question_creation_date": "May 22, 2024 07:01 PM", "meta_title": "[Solved] Duke Company's records show the following | SolutionInn", "meta_description": "Answer of - Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold Gene | SolutionInn", "meta_keywords": "duke,company,s,records,show,account,balances,december,31,2021,sales,revenue", "question_title_h1": " Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense", "question_title": " Duke Company's records show the following account balances at December 31,", "question_title_for_js_snippet": "Duke Company's records show the following account balances at December 31, 2021 Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $16,400,000 9,700,000 1,070,000 570,000 770,000 Income tax expense has not yet been determined The following events also occurred during 2021 All transactions are material in amount 1 $370,000 in restructuring costs were incurred in connection with plant closings 2 Inventory costing $470,000 was written off as obsolete Material losses of this type are considered to be unusual 3 It was discovered that depreciation expense for 2020 was understated by $57,000 due to a mathematical error 4 The company experienced a negative foreign currency translation adjustment of $270,000 and had an unrealized gain on debt securities of $250,000 Required Prepare a single, continuous multiple step statement of comprehensive income for 2021 The company's effective tax rate on all items affecting comprehensive income is 25 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 ) Required Prepare a single, continuous multiple step statement of comprehensive income for 2021 The company's effective tax rate on all items affecting comprehensive income is 25 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 ) Gross profit Operating expenses DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2021 Total operating expenses Operating income Other income (expense) Income before income taxes Net income Other comprehensive income, net of tax Total other comprehensive income (loss) Comprehensive income 0 0 0 0 0 0 $", "question_description": "\"image\"image", "transcribed_text": "Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $16,400,000 9,700,000 1,070,000 570,000 770,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. 1. $370,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $470,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2020 was understated by $57,000 due to a mathematical error. 4. The company experienced a negative foreign currency translation adjustment of $270,000 and had an unrealized gain on debt securities of $250,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company's effective tax rate on all items affecting comprehensive income is 25%. 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.) Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company's effective tax rate on all items affecting comprehensive income is 25%. 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.) Gross profit Operating expenses: DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2021 Total operating expenses Operating income Other income (expense): Income before income taxes Net income Other comprehensive income, net of tax: Total other comprehensive income (loss) Comprehensive income 0 0 0 0 0 0 $", "related_book": { "title": "Cost Accounting Foundations and Evolutions", "isbn": "9781439044612, 1439044619, 978-1111626822", "edition": "8th Edition", "authors": "Michael R. Kinney, Cecily A. Raiborn", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/146.jpg", "uri": "\/textbooks\/cost-accounting-foundations-and-evolutions-8th-edition-146", "see_more_uri": "" }, "free_related_book": { "isbn": "1465453407", "uri": "\/textbooks\/the-stars-the-definitive-visual-guide-to-the-cosmos-1st-edition-978-1465453402-290362", "name": "The Stars The Definitive Visual Guide To The Cosmos", "edition": "1st Edition" }, "question_posted": "2024-05-22 19:01:15", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/on-september-30-of-the-current-year-silver-fox-corporation", "description": "On September 30 of the current year, Silver Fox Corporation files for bankruptcy. At the time, it estimates that the total FMV of its assets is $725,000, whereas the total amount of its outstanding...", "stars": 3 }, { "url": "\/given-an-exponential-distribution-with-a-30-what-is", "description": "Given an exponential distribution with A = 30, what is the probability that the arrival time is a. Less than X = 0.1? b. Greater than X = 0.1? c. Between X = 0.1 and X = 0.2? d. Less than X = 0.1 or...", "stars": 3.5 }, { "url": "\/study-help\/questions\/a-consider-a-financial-institution-fi-with-8760234", "description": "a ) Consider a financial institution ( FI ) with the following balance sheet structure. Assets 1 0 - year deep discount bond 1 , 0 0 0 , 0 0 0 Equity 3 0 0 , 0 0 0 Liabilities 6 - year deep discount...", "stars": 3.5 }, { "url": "\/study-help\/psychology\/4-written-reflections-on-the-problem-students-can-write-in-1984117", "description": "4. Written reflections on the problem. Students can write in journals, write essays about what they did and how it affected others, or write letters of apologyif this is appropriate. Another...", "stars": 3.5 }, { "url": "\/tina-reese-financial-manager-at-the-local-players-theater-is", "description": "Tina Reese, financial manager at the local Players Theater, is checking to see if there is any relationship between newspaper advertising and sales revenues at the theater. She obtains the following...", "stars": 3 }, { "url": "\/study-help\/questions\/questions-1-4-of-8questions-5-8-of-9846395", "description": "Questions 1 - 4 (of 8)Questions 5 - 8 (of 8) Save & ExitSubmit [The following information applies to the questions displayed below.] Bergamo Bay's computer system generated the following trial...", "stars": 3 }, { "url": "\/study-help\/questions\/required-information-the-following-information-applies-to-the-questions-displayed-5963039", "description": "Required information [The following information applies to the questions displayed below) On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Debit $...", "stars": 3 }, { "url": "\/study-help\/questions\/5-an-outside-manufacturer-has-offered-to-produce-86000-daks-6056733", "description": "5. An outside manufacturer has offered to produce 86,000 Daks and ship them directly to Andretti's customers. If Andretti Company accepts this offer, the facilities that it uses to produce Daks would...", "stars": 3 }, { "url": "\/study-help\/questions\/howard-is-in-the-33-tax-bracket-so-his-aftertax-4089833", "description": "Howard is in the 33% tax bracket, so his after-tax profit is 67% of his before-tax profit. He invests $10,000 in a certain stock, whose annual return is normally distributed with mean 5% and standard...", "stars": 3 }, { "url": "\/study-help\/questions\/hardyke-group-operates-a-local-afterschool-recreation-and-activities-program-1234241", "description": "Hardyke Group operates a local after-school recreation and activities program. The Education Department is a state governmental agency. Hardyke has an agreement with the Department to provide...", "stars": 3 }, { "url": "\/study-help\/questions\/golden-food-products-produces-special-formula-pet-food-the-7038576", "description": "C TBM aw 2 Exercise 16-38 (Static) Flexible Budget (LO 16-2) 52 nts Golden Food Products produces special-formula pet food. The company carries no inventories. The master budget calls for the company...", "stars": 3 }, { "url": "\/study-help\/questions\/abercrombie-fitch-cotransactions-and-financial-statements-abercrombie-fitch-1969119", "description": "Abercrombie & Fitch Co.-Transactions and Financial Statements Abercrombie & Fitch Co., a Delaware corporation, is principally engaged in the purchase, distribution and sale of men's, women's and...", "stars": 3 }, { "url": "\/study-help\/questions\/dwayne-security-network-ltd-dsn-is-a-8626054", "description": "Dwayne Security Network Ltd . ( DSN ) is a producer of many alarm systems including, fire alarms, home, and personal security systems. ( DSN ) has already invested $ 1 . 8 million dollars into...", "stars": 3 }, { "url": "\/study-help\/precalculus-1st\/for-the-following-exercises-write-the-first-four-terms-of-the-sequencenbspan-", "description": "For the following exercises, write the first four terms of the sequence. a n = 2 n 2", "stars": 3 }, { "url": "\/study-help\/fundamentals-of-corporate-finance\/16-underpricing-s142-fishwick-enterprises-has-200000-shares-outstanding-half-1757738", "description": "16. Underpricing (S14.2) Fishwick Enterprises has 200,000 shares outstanding, half of which are owned by Jennifer Fishwick and half by her cousin. The two cousins have decided to sell 100,000 shares...", "stars": 3 }, { "url": "\/study-help\/fundamentals-of-corporate-finance\/19-types-of-seasoned-issue-s143-after-each-of-the-1757741", "description": "19. Types of seasoned issue (S14.3) After each of the following issue methods, we have listed two types of issue. Choose the one more likely to employ that method. a. Rights issue (initial public...", "stars": 3 }, { "url": "\/study-help\/fundamentals-of-corporate-finance\/17-underpricing-s142-construct-a-simple-example-to-show-the-1757739", "description": "17. Underpricing (S14.2) Construct a simple example to show the following: a. Existing shareholders are made worse off when a company makes a cash offer of new stock below the market price. b....", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/exercise-739-static-predetermined-overhead-rates-ethical-issues-lo-73-1526688", "next": "\/study-help\/questions\/buffalo-inc-plans-to-purchase-a-new-metal-stamping-machine-1526690" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " Duke Company's records show the following account balances at December 31,", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/duke-companys-records-show-the-following-account-balances-at-december-1526689" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } "1" } }