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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.
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