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Preparing an Income Statement and a Statement of Comprehensive Income The following pretax amounts are taken from the adjusted trial balance of Avoca Auto Corp.
Preparing an Income Statement and a Statement of Comprehensive Income The following pretax amounts are taken from the adjusted trial balance of Avoca Auto Corp. at December 31, 2020, its annual year-end Sales revenue Cost of goods sold Operating expenses Gain on es retiremen Interest expense $156,000 66,000 4,000 12.000 4800 30.000 18.000 35,000 Unsealed hulding gain on deta inversmens securesnes of a 2,400 000 shares Los from discontinued uperalans Retained warnings balance, December 31, 2019 Divalends declared and pad Common stock, weighted average shares oustanding Required Prepare a single-step income statement. Assume an average 25% tax rate on all items. Include earnings per share disclosures b. Prepare a comprehensive income statement by showing a separate but consecutive statement of comprehensive income. Ignore earnings per share disclosures Compute the ending retained earnings balance at December 31, 2020 Enter revenues and gains and expenses and losses in the order of the largest dollar amount to the smallest dollar amount Do not use negative signs with any of your answers Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny Single-step Income Statement Statement of Comprehensive income Retained Earnings balance a. Prepare a single-step income statement. Assume an average 25% tax ra on all item
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