Question
Duke Companys records show the following account balances at December 31, 2024: Sales revenue $ 16,200,000 Cost of goods sold 9,600,000 General and administrative expense
Duke Companys records show the following account balances at December 31, 2024:
Sales revenue | $ 16,200,000 |
---|---|
Cost of goods sold | 9,600,000 |
General and administrative expense | 1,060,000 |
Selling expense | 560,000 |
Interest expense | 760,000 |
Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount.
$360,000 in restructuring costs were incurred in connection with plant closings.
Inventory costing $460,000 was written off as obsolete. Material losses of this type are considered to be unusual.
It was discovered that depreciation expense for 2023 was understated by $56,000 due to a mathematical error. The amount is considered material.
The company experienced a negative foreign currency translation adjustment of $260,000 and had an unrealized gain on debt securities of $240,000.
Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The companys 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.
Note: Amounts to be deducted should be indicated with a minus sign.
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