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Statement of Comprehensive Income (17 Marks ). Qualicom Inc.'s information for the fiscal year ended March 31, 2020 is below: Gain on Sale of Equipment
Statement of Comprehensive Income (17 Marks).
Qualicom Inc.'s information for the fiscal year ended March 31, 2020 is below:
Gain on Sale of Equipment | 6,000 |
Interest Expense | 38,000 |
Interest Income | 21,000 |
Gain from disposal of discontinued operations (before tax) | 75,000 |
Income from operations of discontinued operations (before tax) | 12,100 |
Loss - Other (due to break-in) | 17,000 |
Administrative Expenses: | $190,000 |
Cost of Goods Sold | 580,000 |
Loss on Sale of Building | 3,500 |
Marketing and General Expenses | 98,000 |
Retained Earnings | 846,000 |
Sales Revenue | 1,140,000 |
Unrealized Gain on Revaluation of Investments (FV-OCI) | 46,300 |
The tax rate for income from continuing operations and income/gains from discontinued operations is 35%.
Required: Prepare a multiple-step Statement of Comprehensive Income for Qualicom Inc. for the fiscal year ended March 31, 2020 showing expenses by function.
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