The following is information for Martinez Corp. for the year ended December 31, 2017: Net sales revenue
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Question:
The following is information for Martinez Corp. for the year ended December 31, 2017:
Net sales revenue | $1,380,000 | Loss on inventory due to decline in net realizable value (NRV) | $84,000 | |||
Unrealized gain on FV-OCI investments | 40,000 | Loss on sale of equipment | 40,000 | |||
Interest income | 8,000 | Depreciation expense related to buildings omitted by mistake in 2016 | 53,000 | |||
Cost of goods sold | 828,000 | Retained earnings at December 31, 2016 | 900,000 | |||
Selling expenses | 69,000 | Loss—other (due to expropriation of land) | 63,000 | |||
Administrative expenses | 46,000 | Dividends declared | 43,000 | |||
Dividend revenue | 19,000 |
The effective tax rate is 25% on all items. Martinez prepares financial statements in accordance with IFRS. The FV-OCI investments trade on the stock exchange. Gains/losses on FV-OCI investments are recycled through net income.
QUESTION: Prepare a multiple-step statement of comprehensive income for 2017, showing expenses by function. Ignore the calculation of EPS.
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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