For the fiscal year ending December 31, 2023, Pharoah Ltd. reported sales revenue of $7,284,000 and cost of goods sold of $5,679,000. The company had selling and administrative expenses of $464,000. During the year, the company sold some equipment for a gain of $24,700, and had unrealized holding gains on investments designated as fair value through other comprehensive income (OCI) of $5,000. Prepare a combined statement of comprehensive income. Ignore taxes and earnings per share (EPS). Pharoah Ltd. Statement of Comprehensive Income 10
For the fiscal year ending December 31, 2023, Pharoah Ltd. reported sales revenue of $7,284,000 and cost of goods sold of $5,679,000. The company had selling and administrative expenses of $464,000. During the year, the company sold some equipment for a gain of $24,700, and had unrealized holding gains on investments designated as fair value through other comprehensive income (OCI) of $5,000. Prepare a combined statement of comprehensive income. Ignore taxes and earnings per share (EPS). Pharoah Ltd. Statement of Comprehensive Income 10
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare a combined statement of comprehensive income. Ignore taxes and earnings per share (EPS).
Pharoah Ltd.
Statement of Comprehensive Income
$
GA
Transcribed Image Text:For the fiscal year ending December 31, 2023, Pharoah Ltd. reported sales revenue of $7,284,000 and cost of goods sold of
$5,679,000. The company had selling and administrative expenses of $464,000. During the year, the company sold some equipment
for a gain of $24,700, and had unrealized holding gains on investments designated as fair value through other comprehensive income
(OCI) of $5,000.
Prepare a combined statement of comprehensive income. Ignore taxes and earnings per share (EPS).
Pharoah Ltd.
Statement of Comprehensive Income
10
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