Question
The following information is from the trial balance of Windsor Corporation as of December 31, 2020. It did not issue any common or preferred stock
The following information is from the trial balance of Windsor Corporation as of December 31, 2020. It did not issue any common or preferred stock during the year.
Sales revenue | $ 1,590,000 |
Cost of goods sold | 905,000 |
Selling expenses | 62,000 |
General and administrative expenses | 102,000 |
Sales returns and allowances | 93,200 |
Dividend revenue | 97,000 |
Interest expense | 56,000 |
Income tax expense | 146,000 |
Sales discounts | 5,800 |
Loss on sale of available-for-sale securities | 10,000 |
Common dividends declared | 9,000 |
Preferred dividends declared | 37,000 |
Unrealized loss on available-for-sale debt investments (33.33% effective tax rate) | 15,000 |
Retained earnings, January 1 | 896,000 |
Common stock, January 1 | 100,000 |
Paid-in capital in excess of par value, January 1 | 1,200,000 |
Accumulated other comprehensive income, January 1 | $ 13,000 |
Common stock outstanding (shares) | 100,000 |
Instructions: Prepare a statement of comprehensive income. Round EPS to 2 decimal places
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started