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Question 3 Single, continuous multiple-step statement of comprehensive income (32 points) The following income statement items appeared on the adjusted trial balance of XYZ Corporation

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Question 3 Single, continuous multiple-step statement of comprehensive income (32 points) The following income statement items appeared on the adjusted trial balance of XYZ Corporation for the year ended December 31, 2021 (S in a $70; interest revenue S120: cost of goods sold, S15,500: selling expense, $2,500; general and administrative expense, $2,200, interest expense, s income tax rate is 20% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 (S in 000s). All transactions are 1. Investments were sold during the year at a gain of S140. XYZ also had an unrealized loss of S120 for the year on investments. The unrealized is classified as part of other comprehensive income. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $500. 3. During the year, XYZ completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP regar operating loss of $500 in 2021 prior to the sale, and its assets were sold at a gain of S 300 4. A positive foreign currency translation adjustment for the year totaled S40. 5. Depreciation expense was overstated by $50 in 2020, 6. Research and development costs incurred in 2021 are $100 7. Inventory that cost $90 had become obsolete because a competitor introduced a better product. The inventory was written 8. Retained earnings 12/31/20 is S500. 9. 200,000 shares of common stock were outstanding as of 12/31/20. The following additional issuances of shares occurred during 10. The Corporations declared common dividends of $100 (of which $25 will be paid January 15, 2022). down to its 2021: a shares Required: Based on the all of the information provided, newer the following questions as they would appear in a single, continuous multiple-stop statement of c- except earnings per share. 1. Gross profit 2. Total operating expenses 3. Operating income 4. Total other revenue expense) 5. Income from continuing operations before Tax 6. Income tax expense 7. Income from continuing operations (IFCO) 8. Discontined operations (DOPS) 32 points) nce of XYZ Corporation for the year ended December 31, 2021 (S in 000s): sales revenue, $22,800; dividend revenue from investments, $2,500, general and administrative expense, $2,200; interest expense, S430. Income taxes have not yet been accrued. The company's expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in nsactions that also occurred during 2021 (S in 000s). All transactions are material in amount. had an unrealized loss of S120 for the year on investments. The unrealized loss represents a decrease in the fair value of debt securities and Eturing costs incurred were $500. visions that qualifies as a component of the entity according to GAAP regarding discontinued operations. The division had incurred dat a gain of S 300 taled 40. down to its scrap value of S10. etitor introduced a better product. The inventory was written 0. The following additional issuances of shares occurred during ch $25 will be paid January 15, 2022). 2021: a.) 4/1/21 issued 20,000 shares and b.) 7/1/21 issued 50,000 2 questions as they would appear in a single, continuous multiple-step statement of comprehensive income for 2021. Answer all (s in 000's) 4. A positive foreign currency translation adjustment for the year totaled 540. 5. Depreciation expense was overstated by S50 in 2020. 6. Research and development costs incurred in 2021 are $100 7. Inventory that had cost $90 had become obsolete because a competitor introduced a better product. The inventory was writte 8. Retained earnings 12/31/20 is $500. 9. 200,000 shares of common stock were outstanding as of 12/31/20. The following additional issuances of shares occurred dur 10. The Corporations declared common dividends of S100 (of which $25 will be paid January 15, 2022). shares. Required: Based on the all of the information provided, answer the following questions as they would appear in a single, continuous multiple except earnings per share. 1. Gross profit 2. Total operating expenses 3. Operating income 4. Total other revenue/expense) 5. Income from continuing operations before Tax 6. Income tax expense 7. Income from continuing operations (IFCO) 8. Discontinued operations (DOPS) 9. Net income (NI) 10. Other comprehensive income 11. Comprehensive income 12. Weighted Average Common Shres outstanding 13. Earnings per share (IFCO) 14. Earnings per share (DOPS) 15. Earnings per share (NI) 16. Retained earnings 12/31/21

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