Question
Rollins Company had the following income statement items for the year ended December 31, 2019: Sales revenue $ 18,900 Cost of goods sold $ 10,500
Rollins Company had the following income statement items for the year ended December 31, 2019:
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Sales revenue | $ | 18,900 | Cost of goods sold | $ | 10,500 |
Gain on sale of land |
| 200 | Selling, general and administrative expenses |
| 2,500 |
Interest expense |
| 350 | Restructuring costs |
| 800 |
Dividends revenue |
| 950 | Loss from foreign currency translation adjustment |
| 1,000 |
Sales returns | 500 | Sales discounts | 400 | ||
In addition, the company discontinued its plastics business component and completed the sale of this discontinued component before the end of the year. During the year, the discontinued component incurred a loss from operations of $1,600 and the company had a gain on disposal of the components assets of $2,000. Income tax expense has not yet been recorded. The income tax rate is 30% on all items of income (loss).
Required: Prepare a 2019 single, continuous statement of comprehensive income for Rollins Inc. Use a multiple-step income statement format.
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