SA Comp #2
Duke Company’s records show the following account balances at
December 31, 2018:
Sales | $ | 17,400,000 |
Cost of goods sold | 10,200,000 | |
General and administrative expenses | 1,120,000 | |
Selling expenses | 620,000 | |
Interest expense | 820,000 | |
Income tax expense has not yet been determined. The following
events also occurred during 2018. All transactions are material in
amount.
Required:
Prepare a single, continuous multiple-step statement of
comprehensive income for 2018. The company’s effective tax rate on
all items affecting comprehensive income is 20%. Each component of
other comprehensive income should be displayed net of tax. Ignore
EPS disclosures. (Amounts to be deducted should be
indicated with a minus sign.)
SA Comp #2 Duke Company’s records show the following account balances at December 31, 2018: Sales...
Duke Company’s records show the following account balances at December 31, 2016: Sales $ 18,000,000 Cost of goods sold 10,500,000 General and administrative expenses 1,150,000 Selling expenses 650,000 Interest expense 850,000 Income tax expense has not yet been determined. The following events also occurred during 2016. All transactions are material in amount. 1. $450,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $550,000 was written off as obsolete. Material losses...
Duke Company’s records show the following account balances at December 31, 2021: Sales revenue $ 15,200,000 Cost of goods sold 9,100,000 General and administrative expense 1,010,000 Selling expense 510,000 Interest expense 710,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. $310,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered to...
Duke Company's records show the following account balances at December 31, 2018: Sales cost of goods sold General and administrative expenses Selling expenses Interest expense $15,200,880 9,198,880 1,81e,90e 51e,98e 71e,90 Income tax expense has not yet been determined. The following events also occurred during 2018. All transactions are material in amount. 1. $310,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered to...
Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $15, 8ee, eee 9,480, eee 1,040, eee 540,000 740, eee Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount 1. $340,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $440,000 was written off as obsolete. Material losses...
Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $15,200,000 9,100,000 1,010,000 510,000 710,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount 1. $310,000 in restructuring costs were incurred in connection with plant closings, 2. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered...
Duke Company's records show the follow accounts balance at December 31, 2021 Sales Revenue $ 15,000,000 Cost of goods sold 9,000,000 General and Administrative expense 1,000,000 Selling expense 500,000 Interest expense 700,000 Income tax expense has not yet been determined. the following events also occurred during 2021. all transactions are material in amount. 1. $300,000 in restructuring costs were incurred in connection with plant closings. 2. inventory costing $400,000 was written off as obsolete. Material losses of this type are...
4-8 ultiple-step atement of ome and mprehensive ome -04-1, L04-3 04-5, LO4-6 Duke Company's records show the following account balances at December 31, 2021: Sales revenue $15,000,000 Cost of goods sold 9,000,000 General and administrative expense 1,000,000 Selling expense 500,000 Interest expense 700,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transac- tions are material in amount. 1. $300,000 in restructuring costs were incurred in connection with plant closings, 2. Inventory costing...
Problem 4-8 (Algo) Multiple-step statement of income and comprehensive Income LO4-1, 4-3, 4-5, 4-6) Duke Company's records show the following account balances at December 31, 2020 Cost of good old Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are materiali amount 1 $440.000 in restructuring costs were incurred in connection with plant closings 2. Inventory costing $540,000 was written off as obsolete. Material losses of this type are considered to be...
Saved te thiz Pc Stacey Chue O Tell me what you want to do Share AaBbCCEReplace mal 1 No Spac.. Heading 1 Heading2 Title S Subtitle Select - Styles Editing Required: For each of the three additional facts listed in the additional information, discuss the appropriate presentation of the item described. Do not prepare a revised statement. P-8 Maltiple-step statement of income and comprebemsive income Duke Company's records show the following account balances at December 31, 2018: Sales $15,000,000 Cost...
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2018 ($ in 000s): sales revenue, $15,500; cost of goods sold, $6,300; selling expenses, $1,310; general and administrative expenses, $810; interest revenue, $80; interest expense, $190. Income taxes have not yet been recorded. The company’s income tax rate is 40% on all items of income or loss. These revenue and expense items appear in the company’s income statement every...