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P14-9 Prepare a statement of comprehensive income The ledger of Jaime Corporation at December 31, 2017, contains the following summary data. Net sales $1,700,000 Cost
P14-9 Prepare a statement of comprehensive income | ||||||||||
The ledger of Jaime Corporation at December 31, 2017, contains the following summary data. | ||||||||||
Net sales | $1,700,000 | Cost of goods sold | $1,100,000 | |||||||
Selling expenses | 120,000 | Administrative expenses | 150,000 | |||||||
Other revenues and gains | 20,000 | Other expenses and losses | 28,000 | |||||||
Your analysis reveals the following additional information that is not included in the above data. | ||||||||||
1. The entire Puzzles Division was discontinued on August 31. The income from operations for | ||||||||||
this division before income taxes was $20,000. The Puzzles Division was sold at a loss of | ||||||||||
$90,000 before income taxes. | ||||||||||
2. The company had an unrealized gain on available-for-sale securities of $120,000 before | ||||||||||
income taxes for the year. | ||||||||||
3. The income tax rate on all items is 25%. | ||||||||||
Instructions | ||||||||||
Prepare a statement of comprehensive income for the year ended December 31, 2017. | ||||||||||
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . | ||||||||||
JAIME CORPORATION | |||||||
Statement of Comprehensive Income | |||||||
For the Year Ended December 31, 2017 | |||||||
Net sales | Value | ||||||
Cost of goods sold | Value | ||||||
Gross Profit | ? | ||||||
Selling and administrative expenses | Value | ||||||
Income from operations | ? | ||||||
Other revenues and gains | Value | ||||||
Other expenses and losses | Value | ? | |||||
Income before income taxes | ? | ||||||
Income tax expense | ? | ||||||
Income from continuing operations | ? | ||||||
Discontinued operations | |||||||
Income from operations of discontinued | |||||||
division, net of $5,000 income taxes | ? | ||||||
Loss from disposal of discontinued | |||||||
division, net of $22,500 tax savings | ? | ? | |||||
Net income | ? | ||||||
Unrealized gain on available for sale securities, | |||||||
net of $30,000 income tax | |||||||
income taxes | ? | ||||||
Comprehensive income | ? |
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