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Duke Company's records show the following account balances at December 31, 2024: $ 16,600,000 9,800,000 1,080,000 580,000 780,000 Sales reve Cost of old General and auministrative expense Selling expense Interest expense Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $380,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $480,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $58,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $280,000 and had an unrealized gain on debt securities of $260,000. Required: items- Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tox. Ignore EPS disclosures Mate

Duke Company's records show the following account balances at December 31, 2024: $ 16,600,000 9,800,000 1,080,000 580,000 780,000 Sales reve Cost of old General and auministrative expense Selling expense Interest expense Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $380,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $480,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $58,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $280,000 and had an unrealized gain on debt securities of $260,000. Required: items- Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tox. Ignore EPS disclosures Mate

FINANCIAL ACCOUNTING
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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Sales revenue Cost of goods sold Gross profit Operating expenses: General and administrative expense Selling expense DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024 Restructuring costs Loss on inventory write-down Total operating expenses Operating income Other income (expense): Interest expense Income before income taxes Income tax expense Net income Other comprehensive income, net of tax: Loss on sale of investments Gain on debt securities Total other comprehensive income (loss) Comprehensive income ♥ ✔ X $ (1,080,000) (580,000) (380,000) (480,000) 2,100,000 X 2,100,000 > $ 16,600,000 (9,800,000) 6,800,000 (2,520,000) 4,280,000 (780,000) 3,500,000 875,000 2,625,000 4,200,000 S (1,575,000)
Transcribed Image Text:Sales revenue Cost of goods sold Gross profit Operating expenses: General and administrative expense Selling expense DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024 Restructuring costs Loss on inventory write-down Total operating expenses Operating income Other income (expense): Interest expense Income before income taxes Income tax expense Net income Other comprehensive income, net of tax: Loss on sale of investments Gain on debt securities Total other comprehensive income (loss) Comprehensive income ♥ ✔ X $ (1,080,000) (580,000) (380,000) (480,000) 2,100,000 X 2,100,000 > $ 16,600,000 (9,800,000) 6,800,000 (2,520,000) 4,280,000 (780,000) 3,500,000 875,000 2,625,000 4,200,000 S (1,575,000)
Duke Company's records show the following account balances at December 31, 2024: $ 16,600,000 9,800,000 1,080,000 Sales reves Cost of E old General and ministrative expense Selling expense Interest expense Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $380,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $480,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $58,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $280,000 and had an unrealized gain on debt securities of $260,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures Note: Amounts to be deducted should be indicated with a minus sign. Sales revenue Cost of goods sold Gross profit 580,000 780,000 Answer is complete but not entirely correct. DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024 Operating expenses General and administrative expense Selling expense Restructuring costs Loss on inventory write-down Total operating expenses ** 0000 OS (1,080,000) (580,000) (380,000) (480.000) $ 16,600,000 (9,800,000) 6,800,000 (2.520,000)
Transcribed Image Text:Duke Company's records show the following account balances at December 31, 2024: $ 16,600,000 9,800,000 1,080,000 Sales reves Cost of E old General and ministrative expense Selling expense Interest expense Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $380,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $480,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $58,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $280,000 and had an unrealized gain on debt securities of $260,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures Note: Amounts to be deducted should be indicated with a minus sign. Sales revenue Cost of goods sold Gross profit 580,000 780,000 Answer is complete but not entirely correct. DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024 Operating expenses General and administrative expense Selling expense Restructuring costs Loss on inventory write-down Total operating expenses ** 0000 OS (1,080,000) (580,000) (380,000) (480.000) $ 16,600,000 (9,800,000) 6,800,000 (2.520,000)
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