Prepare a statement of income and comprehensive income. Debit Credit Retained earnings, 31 December 20X7 $ 51,000
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Question:
Prepare a statement of income and comprehensive income.
Debit | Credit | |||
Retained earnings, 31 December 20X7 | $ | 51,000 | ||
Sales revenue | 29,000 | |||
Interest expense | $ | 890 | ||
Cost of sales | 9,100 | |||
Accumulated other comprehensive income, 31 December 20X7 | 1,900 | |||
Dividends paid | 3,100 | |||
Foreign currency gains and losses on 20X8 transactions | 4,100 | |||
Income tax expense | 1,670 | |||
Selling and administrative expense | 4,500 | |||
Amortization on furniture and fixtures for 20X8 | 1,600 | |||
Write-off of obsolete inventory | 640 | |||
Impairment of tangible capital assets | 1,080 | |||
Additional contributed capital | 25,000 | |||
Loss on redemption of long-term debt | 780 | |||
Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for 20X8, net of $179 income tax | 661 |
Related Book For
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
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