Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive IncomeOn December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance:Loss from fire (pretax)Interest revenueSelling expenses• Cost of goods soldLoss on sale of equipment (pretax)Operating expenses$8,0002,00015,00090,000 available-for-sale securities2,000General and administrative expensesSalesAdditional data:1. Seven thousand shares of common stock have been outstanding the entire year.2. The income tax rate is 30% on all items of income.Required:Other items1. Prepare a 2019 multiple-step income statement. Round earnings per share to two decimal places.OPGENORTH COMPANYIncome StatementFor Year Ended December 31, 2019Unrealized decrease in fair value of00 00$17,000160,0001,800k 2. Prepare a 2019 single-step income statement. Round earnings per share to two decimal places.OPGENORTH COMPANYIncome StatementFor Year Ended December 31, 2019RevenuesTotal revenuesExpensesTotal expensesComponents of Income0:003. Prepare a 2019 statement of comprehensive income.OPGENORTH COMPANYStatement of ComprehensiveIncomeFor Year Ended December 31, 2019.Other comprehensive loss

The income statement shows the net income or net loss calculated by deducting the expenses from the…

. On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) $8,000 Interest revenue 2,000 Selling expenses 15,000 Cost of goods sold 90,000 Loss on sale of equipment (pretax) 2,000 General and administrative expenses Sales Unrealized decrease in fair value of available-for-sale securities $17,000 160,000 1,800

. On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) $8,000 Interest revenue 2,000 Selling expenses 15,000 Cost of goods sold 90,000 Loss on sale of equipment (pretax) 2,000 General and administrative expenses Sales Unrealized decrease in fair value of available-for-sale securities $17,000 160,000 1,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income
On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance:
Loss from fire (pretax)
Interest revenue
Selling expenses
• Cost of goods sold
Loss on sale of equipment (pretax)
Operating expenses
$8,000
2,000
15,000
90,000 available-for-sale securities
2,000
General and administrative expenses
Sales
Additional data:
1. Seven thousand shares of common stock have been outstanding the entire year.
2. The income tax rate is 30% on all items of income.
Required:
Other items
1. Prepare a 2019 multiple-step income statement. Round earnings per share to two decimal places.
OPGENORTH COMPANY
Income Statement
For Year Ended December 31, 2019
Unrealized decrease in fair value of
00 00
$17,000
160,000
1,800
k

2. Prepare a 2019 single-step income statement. Round earnings per share to two decimal places.
OPGENORTH COMPANY
Income Statement
For Year Ended December 31, 2019
Revenues
Total revenues
Expenses
Total expenses
Components of Income
0:00
3. Prepare a 2019 statement of comprehensive income.
OPGENORTH COMPANY
Statement of Comprehensive
Income
For Year Ended December 31, 2019.
Other comprehensive loss

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