Jacket Inc

Statement of Comprehensive Income Statement

For the year ended December 31, 20X7

Revenue and Gain:
Sales revenue	223,500
Gain on sals of capital asset	32,500
Total revenue an gains	260,500
Expense and losses
Cost of goods sold	92,400
Selling general and administrative expense	31,200
interest expense	8,800
Income Expense	28,400
Total expense and losses	165,800
Net income	94,700
Other comprehensive income(loss) net of tax
Current translation differences	12,500
Actual loss	(5,500)
Comprehensive income	101,700

Other information

Jackson Inc had the following Shareholder's equity credit balances as of December 31, 20X6

Common Share-$100,000

Retained earnings- $120,540 and

Currency translation differences-$505.

Jackson Inc declared a $15,000 dividend, which would be paid on January 31, 20X8to its common shareholders.

1, The following if the above of comprehensive income statements best described as a

a) multi-step income statement

b) Financial statement

c) Single-step income statement

d)Statement of change in equity.

2. The ending balance of the Retained earnings as of December 31, 20X7 is

a) Cr $215,240

b) Cr $207,240

c) Cr $200,240

d) Dr $200,240.