Duke Company's records show the following account balances at December 31, 2021: Sales revenue $17,400,000 Cost of goods sold10,200,000 General and administrative expense1,120,000 Selling expense620,000
Duke Company's records show the following account balances at December 31, 2021:
Sales revenue $17,400,000
Cost of goods sold10,200,000
General and administrative expense1,120,000
Selling expense620,000
Interest expense820,000
Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.
- $420,000 in restructuring costs were incurred in connection with plant closings.
- Inventory costing $520,000 was written off as obsolete.
- It was discovered that depreciation expense for 2020 was understated by $62,000 due to a mathematical error.
- The company experienced a negative foreign currency translation adjustment of $320,000 and had an unrealized gain on debt securities of $300,000.
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.
7 Canput Home X Books & Tools X Connect X Books & Tools X Bb https//vle.phoenix f Far#body https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoeni... ly: Homework [due day 7] Saved Help Save Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold $17, 400,060 General and administrative expense 10, 260,060 Selling expense 1, 120, 090 620, 060 Interest expense 820,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. 1. $420,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $520,000 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 $62.000 due to a mathematical error. 4. The company experienced a negative foreign currency translation adjustment of $320,000 and had an unrealized gain on debt securities of $300,000. 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.) https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A9 pply: Homework [due day 7] i Saved DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2021 Gross profit Operating expenses: Total operating expenses O Operating income 0 Other income (expense): Income before income taxesApply: Homework [due day 7] i Saved Operating expenses: Total operating expenses bok Operating income Other income (expense): int ences Income before income taxes Net income Other comprehensive income, net of tax: Total other comprehensive income (loss) Comprehensive income 69 10