Statement of Comprehensive Income - Merchandising Business

Presented below are certain account balances of Home Products Company:

Based on the data given above, prepare a statement of comprehensive income following the single statement approach for Home Products Company for the year ending December 31, 20X1.

Journal entries and solutions should be in good accounting form with correct explanations (ie To record purchase of equipment). All amounts should be captioned, no abbreviations.

48,000 6,500 12,700 9,800 10,500 114,400 134,000 10,100 25,000 Ending Inventory Rental income Interest expense Holding gains on available-for-sale securities (net of tax) Purchase returns and allowances Beginning accumulated profits Ending accumulated profits Freight-in Actuarial losses on defined benefit plans (net of tax) Dividends income Sales returns Sales discounts Selling expenses Sales Income tax Beginning inventory Change in revaluation surplus (credit bal.) net of tax Purchases Purchase discounts Administrative expenses 71,000 12,400 7,800 59,400 390,000 30% 45,300 18,000 190,000 2,500 82,500