AutoSave OFF A @ ayu... Module 03 Assignment Q go Home Developer Insert Draw Page Layout Formulas Data Review View Developer Tell me Share Comments Insert v Calibri (Body) 11 PIL! v LG ~ = = ab Wrap Text General 28- O DX Delete Paste BIU MA V V +1 Merge & Center $ %) V .00 0 .00 Conditional Format Cell Formatting as Table Styles Sort & Filter Sensitivity Format Find & Select Analyze Data 117 X fx A B D E F G H 1 J L M N 0 P P Q R R S S U DIRECTIONS Company A's records show the account balances as of December 31, 2021. Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company's effective tax rate on all items affecting income is 25%. Each component of comprehensive income should be displayed net of tax. Include headings for each classification (see the Accounts tab for reference). Ignore Earnings per Share (EPS) disclosures. You only need to fill out the yellow cells. Additional information $600,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $800,000 was written off as obsolete. Material losses of this type are considered to be unusual. Raleigh discovered that depreciation expense for 2020 was understated by $50,000 due to a mathematical error. The company experienced negative foreign currency translation adjustment of $200,000 and had an unrealized gain on debt securities of $180,000. 1 2 Company A 3 December 31, 2021 Account Balances 4 5 5 Sales revenue $ 30,000,000 6 Cost of goods sold $ 18,000,000 7 General and administrative expense $ 2,000,000 8 Selling expense $ 1,000,000 9 Interest expense $ 1,400,000 10 11 Additional information: 12 Restructuring costs due to plant closings $ 600,000 13 Inventory written off as obsolete $ 800,000 14 Understatement of 2020 depreciation expense $ 100,000 15 Foreign currency translation adjustment loss $ 400,000 16 Unrealized gain on debt securities $ 360,000 17 Effective tax rate 25% 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 20 Statement of Comprehensive Inco Accounts + Company Info 17 Ready 3 120% AutoSave OFF A @ ayu... Module 03 Assignment a go Home Developer Insert Draw Page Layout Formulas Data Review View Developer Tell me Share Comments Insert v Calibri (Body) 11 v LG ~ Ai = = PUL! ab Wrap Text General TV 28- O DX Delete Paste BI U A Merge & Center V $ % ) V .00 V Conditional Format Cell Formatting as Table Styles Sensitivity .00 Sort & Filter Format Find & Select Analyze Data N25 X fx A D F G . H L M N 0 a R S T U U V W X Y Y Z 1 2 Company A Statement of Comprehensive Income For the Year Ended December 31, 2021 6 7 8 9 10 11 12 13 Fill in the yellow cells only. The gray cells will add subtotals automatically. 14 15 16 17 18 19 20 21 22 23 24 25 26 27 $ 28 29 30 31 32 33 34 35 36 37 33 39 40 41 42 44 45 46 47 43 49 SO Company Info Statement of Comprehensive Inco Accounts + Ready 15 3 a 73% AutoSave OFF A @ ayu... Module 03 Assignment a go Home Developer Insert Draw Page Layout Formulas Data Review View Developer Tell me Share Comments Insert v Calibri (Body) 11 v LG ' = = ab Wrap Text General Ayu O 3 Delete Paste BIU MA V V E 3 Merge & Center $ % ) V .00 0 .00 Conditional Format Cell Formatting as Table Styles Sort & Filter Sensitivity Format Find & Select Analyze Data P26 X fx B C D E F G . H J K L . M N 0 P Q R S T U V W X Y Z A 1 Comprehensive income 2 Cost of goods sold Foreign currency translation adjustment 4 Gains on debt securities 5 General and Administrative expense 6 Gross profit 7 Income before income taxes 8 Income tax expense 9 Interest expense 10 Loss on inventory write-down 11 Net income 12 Operating expenses: 13 Operating income 14 Other comprehensive income, (net of tax): 15 Other income (expense): 16 Restructuring costs 17 Sales revenue 18 Selling expense 19 Total operating expenses 20 Total other comprehensive income (loss) 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Company Info Statement of Comprehensive Inco Accounts + Ready 15 3 a 100%