Question
Prepare in good form a Statement of Comprehensive income for ABC Corp for the calendar year 2014 given the following information: Sales revenue: $250,000 Other
Prepare in good form a Statement of Comprehensive income for ABC Corp for the calendar year 2014 given the following information:
Sales revenue: $250,000
Other revenue-interest: 12,000
Cost of goods sold: 120,000
Operating expenses: 130,000
Dividends paid to shareholders: 15,000
Other revenue/losses:
Gain on sale of collectibles-infrequent but not usual: 12,000
Loss from hurricane-unusual and infrequent event: (18,000)
Decrease in value of available for sale securities: 5,000
ABCs tax rate is 40%
There are 10,000 shares of common stock outstanding throughout 2014.
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