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The ledger of Jaime Corporation at December 31, 2017, contains the following summary data. Net sales $1,700,000 Cost of goods sold $1,100,000 Selling expenses 120,000
The ledger of Jaime Corporation at December 31, 2017, contains the following summary data.
Net sales | $1,700,000 | Cost of goods sold | $1,100,000 | |||
Selling expenses | 120,000 | Administrative expenses | 150,000 | |||
Other revenues and gains | 20,000 | Other expenses and losses | 28,000 |
Your analysis reveals the following additional information that is not included in the above data.
1. | The entire Puzzles Division was discontinued on August 31. The income from operation for this division before income taxes was $20,000. The Puzzles Division was sold at a loss of $90,000 before income taxes. | |
2. | The company had an unrealized gain on available-for-sale securities of $120,000 before income taxes for the year. | |
3. | The income tax rate on all items is 25%. |
Prepare a statement of comprehensive income for the year ended December 31, 2017.
Can you fix what I got wrong? Thank you
JAIME CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2017 Net Sales 1,700,000 Cost of Goods Sold 1,100,000 Gross Profit / (Loss) 600,000 120,000 Selling and Administrative Expenses Income from Operations 480,000 28,000 Other Revenues and Gains Other Expenses and Losses 20,000 -8,000 Income before Income Taxes 472,000 118,000 Income Tax Expense Income from Continuing Operations 354,000 Discontinued Operations Income from Operations of Discontinued Division 15,000 Loss on Sale of Discontinued Division 67,500 82,500 Net Income / (Loss) 436,500 Discontinued Operations Income from Operations of Discontinued Division 15,000 67,500 Loss on Sale of Discontinued Division 82,500 Net Income/(Loss) 436,500 Unrealized Gain 90,000 526,500 Comprehensive Income (Loss)Step by Step Solution
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