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30 November, 05:40

Roxanne Carter Corp. reported the following for 2014: net sales $1,200,000; COGS $750,000; selling and administrative expenses $320,000; and an unrealized holding gain on available-for-sale securities $18,000.

Prepare a statement of comprehensive income, using (a) the one statement format, and (b) the two statement format. (Ignore income taxes and EPS).

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  1. 30 November, 06:48
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    unrealized holding gain = $18,000

    income is $148000

    Explanation:

    given data

    net sales = $1,200,000

    COGS = $750,000

    selling and administrative expenses = $320,000

    unrealized holding gain = $18,000

    solution

    we get here comprehensive income as that

    income = sales - COGS - sale and administrative expenses + unrealized holding gain ... 1

    income = $1,200,000 - $750,000 - $320,000 + $18,000

    income = $1,48,000

    and

    income from other format

    income = sales - COGS - sale and administrative expenses ... 2

    income = $1,200,000 - $750,000 - $320,000

    income = $130000

    so

    unrealized holding gain = $18,000

    income is $148000
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