AE 221 Intermediate Accounting 3 Financial Position and Comprehensive Income Activity 1 I. Statement of Comprehensive Income - Merchandising Business Presented below are certain account balances of Home Products Company: Ending Inventory Rental income Interest expense Holding gains on available-for-sale securities (net of tax) Purchase returns and allowances 48,000 6,500 12,700 Beginning accumulated profits Ending accumulated profits Freight-in Actuarial losses on defined benefit plans (net of tax) Dividends income 9,800 10,500 114,400 134,000 10,100 25,000 71,000 12,400 7,800 59,400 390,000 30% Sales returns Sales discounts Selling expenses Sales Income tax Beginning inventory Change in revaluation surplus (credit bal.) net of tax Purchases 45,300 18,000 190,000 2,500 82,500 Purchase discounts Administrative expenses Based on the data given above, prepare a statement of comprehensive income following the single statement approach for Home Products Company for the year ending December 31, 20X1.

AE 221 Intermediate Accounting 3 Financial Position and Comprehensive Income Activity 1 I. Statement of Comprehensive Income - Merchandising Business Presented below are certain account balances of Home Products Company: Ending Inventory Rental income Interest expense Holding gains on available-for-sale securities (net of tax) Purchase returns and allowances 48,000 6,500 12,700 Beginning accumulated profits Ending accumulated profits Freight-in Actuarial losses on defined benefit plans (net of tax) Dividends income 9,800 10,500 114,400 134,000 10,100 25,000 71,000 12,400 7,800 59,400 390,000 30% Sales returns Sales discounts Selling expenses Sales Income tax Beginning inventory Change in revaluation surplus (credit bal.) net of tax Purchases 45,300 18,000 190,000 2,500 82,500 Purchase discounts Administrative expenses Based on the data given above, prepare a statement of comprehensive income following the single statement approach for Home Products Company for the year ending December 31, 20X1.

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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Subject: accounting
Kindly provide answers for ONLY 5.2.1 5.2.2 5.3.3