Question
The following information for Zoom Corporation relates to the year ended March 31, 2023 Administrative expenses $ 15,000 Cost of goods sold 60,000 Dividends paid
The following information for Zoom Corporation relates to the year ended March 31, 2023
Administrative expenses
$ 15,000
Cost of goods sold 60,000
Dividends paid by Zoom to its shareholders 18,000
Dividends received by Zoom from investments 10,000
Error calculating cost of goods sold in 2019 (increase income) 13,000
Interest earned on available-for-sale debt securities 6,000
Unearned fees 10,000
Unrealized gain on hedging transactions 8,000
Loss on sale of debt securities 14,000
Net Sales 140,000
Retained earnings April 1, 2022 120,000
Selling expenses 12,000
Ignoring income taxes and earnings per share, prepare an Income Statement (multi-step), Statement of Comprehensive Income and Statement of Retained Earnings. Be sure to include line descriptions for Gross profit and Income from operations, and include headings, dollar signs and underlines as appropriate. You may abbreviate line descriptions.
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