The trial balance for Blue Bell Company for the year ended December 31, 2019 included the following accounts: Sales revenue = $320,000 Cost of goods sold = $195,000 Selling and administrative expenses = $110,000 Interest income = $88,000 Other expenses = $70,000 Gain on derivatives = $43,650 Gain on investment securities = $26,700 The gains on derivatives and investment securities are unrealized and classified as other comprehensive income Each component of other comprehensive income should be calculated net of tax Blue Bell's income tax rate on all items is 30% Calculate the following amounts for the company’s 2019 statement of comprehensive income (round all answers to the nearest dollar amount): 1. Gross profit = 2. Net income = 3. Gain on derivatives =
The trial balance for Blue Bell Company for the year ended December 31, 2019 included the following accounts: Sales revenue = $320,000 Cost of goods sold = $195,000 Selling and administrative expenses = $110,000 Interest income = $88,000 Other expenses = $70,000 Gain on derivatives = $43,650 Gain on investment securities = $26,700 The gains on derivatives and investment securities are unrealized and classified as other comprehensive income Each component of other comprehensive income should be calculated net of tax Blue Bell's income tax rate on all items is 30% Calculate the following amounts for the company’s 2019 statement of comprehensive income (round all answers to the nearest dollar amount): 1. Gross profit = 2. Net income = 3. Gain on derivatives =
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The
Sales revenue = $320,000
Cost of goods sold = $195,000
Selling and administrative expenses = $110,000
Interest income = $88,000
Other expenses = $70,000
Gain on derivatives = $43,650
Gain on investment securities = $26,700
- The gains on derivatives and investment securities are unrealized and classified as other comprehensive income
- Each component of other comprehensive income should be calculated net of tax
- Blue Bell's income tax rate on all items is 30%
- Calculate the following amounts for the company’s 2019 statement of comprehensive income (round all answers to the nearest dollar amount):
1. Gross profit =
2. Net income =
3. Gain on derivatives =
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