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. Required: Prepare a multiple-step income statement and a statement of comprehensive income using the two-statement format. Ignore earnings per share. Answer is complete but not entirely correct.
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. Required: Prepare a multiple-step income statement and a statement of comprehensive income using the two-statement format. Ignore earnings per share. Answer is complete but not entirely correct.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.
Required:
Prepare a multiple-step income statement and a statement of comprehensive income using the two-statement format. Ignore earnings
per share.
Complete this question by entering your answers in the tabs below.
Answer is complete but not entirely correct.
Stmt of
Comprehensi...
Income
Prepare a multiple-step Statement of comprehensive income. Ignore earnings per share.
JDW Corporation
Statement of Comprehensive Income
For the Year Ended December 31, 20X1
Income
Statement
Net income
Unrealized holding loss, net of tax
Foreign currency translation adjustment
Unrealized loss from pension adjustment, net of tax
Comprehensive income
0000
S439,718
22,000
26,250
7,000
$ 436,968
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