The following information for the year ending December 31, 2011, has been provided for Calle Company. Sales: $530,000 Cost of goods sold: $305,600 Foreign translation adjustment (net of income taxes): $51,000 Selling expenses: $76,200 Extraordinary gain (net of income taxes): $36,800 Correction of inventory error (net of income taxes): $33,460 General and administrative expenses: $57,300 Income tax expense: $20,100 Gain on sale of investment: $10,800 Proceeds from sale of land at cost: $81,000 Dividends: $11,200 Prepare a statement of comprehensive income for Calle Company. Note: Both the foreign translation adjustment and the correction of the inventory error involve a reduction in equity.
The following information for the year ending December 31, 2011, has been provided for Calle Company. Sales: $530,000 Cost of goods sold: $305,600 Foreign translation adjustment (net of income taxes): $51,000 Selling expenses: $76,200 Extraordinary gain (net of income taxes): $36,800 Correction of inventory error (net of income taxes): $33,460 General and administrative expenses: $57,300 Income tax expense: $20,100 Gain on sale of investment: $10,800 Proceeds from sale of land at cost: $81,000 Dividends: $11,200 Prepare a statement of comprehensive income for Calle Company. Note: Both the foreign translation adjustment and the correction of the inventory error involve a reduction in equity.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following information for the year ending December 31, 2011, has
been provided for Calle Company.
Sales: $530,000
Cost of goods sold: $305,600
Foreign translation adjustment (net of income taxes): $51,000
Selling expenses: $76,200
Extraordinary gain (net of income taxes): $36,800
Correction of inventory error (net of income taxes): $33,460
General and administrative expenses: $57,300
Income tax expense: $20,100
Gain on sale of investment: $10,800
Proceeds from sale of land at cost: $81,000
Dividends: $11,200
Prepare a statement of comprehensive income for Calle Company.
Note: Both the foreign translation adjustment and the correction of
the inventory error involve a reduction in equity.
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