Question: Multiple step income statement The company's total shareholders' equity as of 12/31/2020 is $1,777,000Common stock; par value of $2; Auth 500,000 and issued/outstanding 100,000 @
Multiple step income statement
The company's total shareholders' equity as of 12/31/2020 is $1,777,000Common stock; par value of $2; Auth 500,000 and issued/outstanding 100,000 @ an average issue price of $4.75. Accumulted other comprehensive income is $180,000. The balance in shareholders' equity is retained earnings.
During 2021: Sales revenue $880,000, interest revenue $30,000 ; rent revenue $160,000; Dividend Revenue $80,000; sales Returns & Allowances $25,000; Sales discounts $70,000; COGS $350,000; Selling exp $100,000; General Administrative expenses $80,000; Interest expense $70,000; Loss on sale of Investments $60,000; Restructuring Costs $75,000; Gain on sale of compenant that qualifies as a discontinued ops $150,000; Write down of inventory $50,000; foreign currency translation gain $20,000; unrealized gain in value of land $50,000;.Unrealized gain in the value of patents $50,000; unrealized loss in value of available for sale securities $60,000
Prepare a statement of comprehensive income utilizing the multiple step income statement approach
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