Question
Presented below is information related to Reddington Corp., for the year 2021. Net sales $1,930,000 Cost of goods sold 1,250,000 Selling expenses 95,000 Administrative expenses
Presented below is information related to Reddington Corp., for the year 2021. Net sales $1,930,000 Cost of goods sold 1,250,000 Selling expenses 95,000 Administrative expenses 70,000 Dividend revenue 28,000 Interest revenue 20,000 Interest expense 45,000 Depreciation expense omitted in 2020 105,000 Preferred Dividends declared 120,000 Effect on prior years of change in accounting principle (credit) 240,000 Loss from a lawsuit 52,000 Loss from operations of discontinued business 220,000 Gain from disposal of discontinued business 300,000 Unrealized gain on available for sale securities 16,000 Federal tax rate of 20% on all items
Assume the 200,000 shares of stock were outstanding
1.) Compute income from continuing operations for 2021 (after tax).
2.) Compute comprehensive income for 2021.
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