Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Purnell Industries had the following account balances at 12/31/20 (the end of its fiscal year): Sales revenue $2,800,000 Selling expense $360,000 Foreign currency translation adjustment,
Purnell Industries had the following account balances at 12/31/20 (the end of its fiscal year):
Sales revenue | $2,800,000 | Selling expense | $360,000 |
Foreign currency translation adjustment, gain | 12,500 | Interest expense | 32,000 |
General and administrative expense | 285,000 | Cost of goods sold | 1,585,000 |
Gain on sale of investments | 21,500 | Interest income | 16,300 |
The companys tax rate was 25%.
Purnell Industries reported $_____________ in Other comprehensive income in its Statement of Comprehensive Income in 2020.
Select one:
a. $12,500
b. $25,500
c. $9,375
d. $34,000
e. $16,125
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started