Presented below are 11 income statement items from Braun Company fox the year ended December 31, 2014.
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Question:
Presented below are 11 income statement items from Braun Company fox the year ended December 31, 2014.
Sales revenue | $2,700,000 |
Cost of goods sold | 1,150,000 |
Interest revenue | 15,000 |
Loss from abandonment of plant assets | 45,000 |
Gain from extinguishment of debt | 28,000 |
Unrealized holding loss on an available-for-sale investment, net of tax | 12,000 |
Selling expenses | 290,000 |
Administrative expenses | 190,000 |
Effect of change in estimated useful lives of fixed assets | 35,000 |
Loss from an earthquake (unusual and infrequent) | 30,000 |
Gain on disposal of a component of Braun's business | 50,000 |
Instructions
a) Using the information above, prepare a condensed multiple-step income statement. Assume a tax rate of 30% and 100, 000 shares of common stock outstanding during 2014.
b) Compute comprehensive income for Braun in 2014.
Related Book For
Managerial Accounting Tools for business decision making
ISBN: 978-1118096895
6th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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