Swifty Corporation reported the following for 2020: net sales $1,234,800, cost of goods sold $724,000, selling and administrative expenses $323,000, and an unrealized holding gain on available-for-sale debt securities $22,700.
Homework Answers
1) Statement of comprehensive income
For the year ended December 31,2020
| Sales revenue | 1234800 |
| Cost of goods sold | 724000 |
| Gross profit | 510800 |
| Selling and administrative expense | 323000 |
| Net income | 187800 |
| Unrealized holding gain on available for sale securities | 22700 |
| Comprehensive income | 210500 |
2) Statement of comprehensive income
For the year ended December 31,2020
| Sales revenue | 1234800 |
| Cost of goods sold | 724000 |
| Gross profit | 510800 |
| Selling and administrative expense | 323000 |
| Net income | 187800 |
Comprehensive income statement
For the year ended December 31,2020
| Net income | 187800 |
| Other comprehensive income-Unrealized gain on available for sale securities | 22700 |
| Comprehensive income | 210500 |
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Swifty Corporation reported the following for 2020: net sales
$1,234,800, cost of goods sold $724,000, selling...
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Whispering Corporation reported the following for 2020: net
sales $1,200,400, cost of goods sold $724,400, selling and
administrative expenses $330,300, and an unrealized holding gain on
available-for-sale debt securities $16,000.
Prepare a statement of comprehensive income using the one
statement format. (Ignore income taxes and earnings per share.)
Prepare a statement of comprehensive income, using the two
statement format. (Ignore income taxes and earnings per share.)
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Marigold Corporation reported the following for 2020: net sales $1,231,600, cost of goods sold $721,400, selling...
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available-for-sale debt securities $24,500.
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$1,244,400, cost of goods sold $739,000, selling and administrative
expenses $339,400, and an unrealized holding gain on
available-for-sale debt securities $18,800.
Prepare a statement of comprehensive income using the one
statement format.
Prepare a statement of comprehensive income, using the two
statement format.
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Whispering Corporation reported the following for 2020: net
sales $1,200,400, cost of goods sold $724,400, selling and
administrative expenses $330,300, and an unrealized holding gain on
available-for-sale debt securities $16,000.
Prepare a statement of comprehensive income using the one
statement format. (Ignore income taxes and earnings per share.)
Prepare a statement of comprehensive income, using the two
statement format. (Ignore income taxes and earnings per share.)
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Marigold Corporation reported the following for 2020: net sales
$1,231,600, cost of goods sold $721,400, selling and administrative
expenses $329,500, and an unrealized holding gain on
available-for-sale debt securities $24,500.
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$1,244,400, cost of goods sold $739,000, selling and administrative
expenses $339,400, and an unrealized holding gain on
available-for-sale debt securities $18,800.
Prepare a statement of comprehensive income using the one
statement format.
Prepare a statement of comprehensive income, using the two
statement format.
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