The ledger of Gower Limited at December 31, 2017, contains the following summary data.
Net sales .................. £1,580,000 .......... Cost of goods sold ......... £1,100,000
Selling expenses ................70,000 ..........Administrative expenses .........90,000
Other income and expense ....(6,000)
Your analysis reveals the following additional information that is not included in the above data.
1. The entire puzzles division was discontinued on August 31. The income from operations for this division before income taxes was £15,000. The puzzles division was sold at a loss of £74,000 before income taxes.
2. The company had an unrealized gain on non-trading securities of £120,000 before income taxes for the year.
3. The income tax rate on all items is 30%.
Instructions
Prepare a statement of comprehensive income for the year ended December 31, 2017. Use the format illustrated in the Practice Problem (page 741).
Refer to Page 741.
The events and transactions of Dever SA for the year ending December 31, 2017, resulted in the following data.
Cost of goods sold .................................. R$2,600,000
Net sales .................................................. 4,400,000
Other income and expense ................................ (4,000)
Selling and administrative expenses .................. 1,100,000
Income from operations of plastics division ............ 70,000
Gain from disposal of plastics division ................ 500,000
Unrealized loss on non-trading securities ............... 60,000
Analysis reveals that:
1. All items are before the applicable income tax rate of 30%.
2. The plastics division was sold on July 1.
3. All operating data for the plastics division have been segregated.