Answered: JBW Corporation Statement of…

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

JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative expenses $585,900; unrealized holding loss on available-for-sale securities (considered other comprehensive income) $22,000; a positive foreign currency translation adjustment $26,250 (considered other comprehensive income); and an unrealized loss from pension adjustment (considered other comprehensive income) $7,000. JDW’s tax rate was 21%. Ignore income taxes related to amounts in other comprehensive income.

prepare a statement of comprehensive income using the two-statement format. Ignore earnings per share.

JBW Corporation
Statement of Comprehensive Income
For the Year Ended December 31, 20X1
Net income
Unrealized holding loss, net of tax
$ 439,718
Foreign currency translation adjustment
26,250
Unrealized loss from pension adjustment, net of tax
Comprehensive income

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