FREE Trial

(Comprehensive Income) Roxanne Carter Corporation reported the following for 2004: net sales $1,200,000; cost of goods sold $750,000; selling and...

Question:

(Comprehensive Income) Roxanne Carter Corporation reported the following for 2004: net sales $1,200,000; cost of goods sold $750,000; selling and administrative expenses $320,000; and an unrealized holding gain on available-for-sale securities $18,000. Prepare a statement of comprehensive income, using the two-income statement format. Ignore income taxes and earnings per share.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 57% (14 reviews)

Roxanne Carter Corporation Income Statement and Comprehensive In…View the full answer


answer-question
Answered By
tutor-profile-image
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening. My Expert Service Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+ 65+ Reviews 86+ Question Solved
Related Book For  answer-question
Intermediate Accounting

Intermediate Accounting

ISBN: 978-0470423684

13th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: December 11, 2010 01:29:25
See More Questions

Students also viewed these Accounting questions

Q:
Roxanne Carter Corporation reported the following for 2014: net sales $1,200,000; cost of goods sold $750,000; selling and administrative expenses $320,000; and an unrealized holding gain on...
A:
a ROXANNE CARTER CORPORATION Statement of Comprehensive Income F......
Q:
Roxanne Carter Corporation reported the following for 2020: net sales $1,200,000, cost of goods sold $750,000, selling and administrative expenses $320,000, and an unrealized holding gain on...
A:
a ROXANNE CARTER CORPORATION Statement of Comprehensive Income......
Q:
The budgeted unit sales of Weller Company for the upcoming fiscal year are provided below: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted unit sales 16,000 18,000 15,000 14,000 The companys...
A:
Weller Company Selling and Administrative Expense Budget Particulars 1st Quarter 2nd Quarter 3rd Qua......
Q:
What characteristics do you think Jamie Oliver has that have helped make his various enterprises a success?
A:
He is inspirational has considerably energy a......
Q:
Explain how each of the following events would affect the aggregate demand curve. a. An increase in the price level b. An increase in government purchases c. Higher state income taxes d. Higher...
A:
a An increase in the price level would cause a movement along the aggregate dema......
Q:
For the following exercises, identify the removable discontinuity. f(x)= x+x-6 x-2
A:
f x x 2 x 3 x 2 here......
Q:
People who commit fraud are usually: a. New employees. b. Not well groomed and have long hair and tattoos. c. People with strong personalities. d. Trusted individuals.
A:
The answer is d Trusted individuals People who commit fraud are often indivi......
Q:
Financial statements and additional information for Noble Equipment Corp. are available for download from McGraw-Hills Connect or your course instructor (see the Preface for more information). The...
A:
tr mso height source auto col mso width source auto br mso data placement same cell style16 mso number format 0 00 0 00 0022 0022 mso style name Comma 2 style17 mso number format 0022 0022 0 00 0022 0......
Q:
One of the key factors that differentiates the temporal method from the current rate method is that under the temporal method, assets and liabilities are reported at: Current exchange rates if they...
A:
The detailed answer for the above question is provided below Under......
Q:
Amy Jak is the National Sales Manager of Land.com. To get sales up to the projection for the old year, Amy asked the accountant to put the first two weeks sales in January back into December. Amy...
A:
The question in this case is whether Amy should ask the accountant to put the first two w......
Q:
(Earnings per Share) At December 31, 2003, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par,...
A:
Net income Income from continuing operations before income......
Q:
(Comprehensive Income) C. Reither Co. reports the following information for 2004: sales revenue $700,000; cost of goods sold $500,000; operating expenses $80,000; and an unrealized holding loss on...
A:
Beginning balance Comprehensive income Net income Other comprehensive income Unrealized holding......
Q:
A residential heat pump has a coefficient of performance of 2.4. How much heating effect, in Btu/h, will result when 5 hp is supplied to this heat pump? Reservoir QH HP 5 hp COP-2.4 Reservoir
A:
The COP and the power input of a residential heat pump are giv......
Q:
Which of the following is a level three input to valuation techniques used to measure the fair value of an asset? a. Quoted prices in active markets for identical assets. b. Quoted prices for similar...
A:
The detailed answer for the above question is provided below The correct answer is c Unobservable in......
Q:
Given the following liability portion of the balance sheet and the market value of equity of $100M, what would be the weight of debt in the WACC formula? All numbers are in millions of $." Balance...
A:
To calculate the weight of debt in the WACC formula we need to......
Q:
A company has outstanding long-term debt with a yield to maturity of 7.5% and a marginal income tax rate of 30%. Given this information, what is the after-tax cost of debt for this company? 5.75%...
A:
To calculate the after tax cost of debt for a company......
Q:
Samantha was recently hired as a sales team leader for Google Analytics. Sanjay, the Regional Vice President, has tasked Samantha with reaching a target sales quota in the current quarter. Due to the...
A:
Top Three Digital Marketing Strategies for the Mom Pop Clothing Store 1 Social Media Marketing Utilize platforms like Instagram and Facebook to showca......
Q:
Suppose there is a $100,000 T-bill that matures in 266 days. The T-bill has a discount yield of 2.685%. Ignoring fees or commissions, how much in dollars would I pay for this T-bill?
A:
The formula to calculate the price P of a Treasury bill with a discount yield is P Where P is t......
Q:
Describe thermostat operation.
A:
A thermostat is a device that regulates the temperature of a system It does this by sensing the current temperature and comparing it to a desired setpoint temperature If the current temperature is bel......
Q:
3M Company reports the following financial statement amounts in its 10-K report: a. Compute the receivables, inventory, and PPE turnover ratios for both 2018 and 2017. (Receivables turnover and...
A:
a b 3Ms Receivable and Inventory turnover ratios have declined from 2017 to 2018 while its PPET impr......
Q:
Consider an alternative reactor configuration for the cumene reactor, R-801. The alternative is shown in Figure P18.1 and consists of a series of adiabatic catalytic packed beds through which the...
A:
Click to View...
Q:
Employees at your company disagree about the accounting for sales returns. The sales manager believes that granting more generous return provisions can give the company a competitive edge and...
A:
a See FASB ASC 605 15 15 Predecessor Literature FAS 48 Revenue Recognition When Right of Return Exists b According to FASB ASC 605 15 15 15 2 The guidance in this Subtopic applies to the following tr......
Q:
Differentiate between loss carryback and loss carryforward. Which can be accounted for with the greater certainty when it arises? Why?
A:
The loss carryback provision permits a company to carr......
Q:
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to income tax accounting.
A:
Both IFRS and GAAP use the asset and liability approach for recording deferred tax assets In general......
Traction How Any Startup Can Achieve Explosive Customer Growth 1st Edition - ISBN: 0241242533 - Free Book