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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.

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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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
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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