Question

On December 31, 2016, TNT Company derives the following items from its adjusted accounts:
Sales (net) ......................... $85,000
Unrealized increase in fair value of available-for-sale securities .... 4,000
Operating expenses ...................... 18,000
Cost of goods sold ...................... 47,000
Required:
1. Prepare a 2016 multiple-step income statement that includes comprehensive income (disregard earnings per share). Assume TNT faces a 30% income tax rate.
2. Prepare
(a) A 2016 multiple-step income statement (disregard earnings per share) and
(b) A separate 2016 statement of comprehensive income. Assume TNT faces a 30% income tax rate.


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  • CreatedOctober 05, 2015
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