Question
Duke Companys records show the following account balances at December 31, 2021: Sales revenue $ 15,400,000 Cost of goods sold 9,200,000 General and administrative expense
Duke Companys records show the following account balances at December 31, 2021:
Sales revenue | $ | 15,400,000 |
Cost of goods sold | 9,200,000 | |
General and administrative expense | 1,020,000 | |
Selling expense | 520,000 | |
Interest expense | 720,000 | |
Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. $320,000 in restructuring costs were incurred in connection with plant closings.
- Inventory costing $420,000 was written off as obsolete. Material losses of this type are considered to be unusual.
- It was discovered that depreciation expense for 2020 was understated by $52,000 due to a mathematical error.
- The company experienced a negative foreign currency translation adjustment of $220,000 and had an unrealized gain on debt securities of $200,000.
Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021. 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. (Amounts to be deducted should be indicated with a minus sign.)
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