Minnie's Inc. adjusted trial balance contains the following account balances at December 31,2015:Cost of goods sold $250,000 Depreciation expense 7,000 Loss on sale of equipment 5,000 Rent expense 12,000 Sales 410,000 Sales commissions 34,000 Sales discounts 22,000 Unrealized decrease in value of available for sale securities 12,000 Income taxes are 30% on all items, and there were 2,000 shares of common stock outstandingduring the year. Required: Prepare a statement of comprehensive income for 2015.

Minnie's Inc. adjusted trial balance contains the following account balances at December 31,2015:Cost of goods sold $250,000 Depreciation expense 7,000 Loss on sale of equipment 5,000 Rent expense 12,000 Sales 410,000 Sales commissions 34,000 Sales discounts 22,000 Unrealized decrease in value of available for sale securities 12,000 Income taxes are 30% on all items, and there were 2,000 shares of common stock outstandingduring the year. Required: Prepare a statement of comprehensive income for 2015.

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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