Bramble Corporation reported the following for 2020: net sales $1,222,800, cost of goods sold $734,300, selling...

Bramble Corporation reported the following for 2020: net sales $1,222,800, cost of goods sold $734,300, selling and administrative expenses $322,600, and an unrealized holding gain on available-for-sale debt securities $16,000. (a) Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.)

Expert Solution

Answer to the above question:

Bramble Corporation
Statement of Comprehensive Income
For the Year 2020
I. Sales	$ 1,222,800
II. Cost of Goods Sold	$ 734,300
III. Gross Profit (I-II)	$ 488,500
IV. Selling and administrative expenses	$ 322,600
V. Net Income (III-IV)	$ 165,900
VI. Other Comprehensive Income
Unrealized holding gain on available-for-sale debt securities	$ 16,000
VII. Comprehensive income (V+VI)	$ 181,900

ekkarill92 answered 2 years ago

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