Question

In: Accounting

Duke Company’s records show the following account balances at December 31, 2021:\ Sales revenue $ 17,400,000...

Duke Company’s records show the following account balances at December 31, 2021:\

Sales revenue $ 17,400,000
Cost of goods sold 10,200,000
General and administrative expense 1,120,000
Selling expense 620,000
Interest expense 820,000

Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.

  1. $420,000 in restructuring costs were incurred in connection with plant closings.
  2. Inventory costing $520,000 was written off as obsolete. Material losses of this type are considered to be unusual.
  3. It was discovered that depreciation expense for 2020 was understated by $62,000 due to a mathematical error.
  4. The company experienced a negative foreign currency translation adjustment of $320,000 and had an unrealized gain on debt securities of $300,000.


Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company’s effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.)


  

Solutions

Expert Solution

ANSWER

_____________________________________________

If you have any query or any Explanation please ask me in the comment box, i am here to helps you.please give me positive rating.

*****************THANK YOU**************


Related Solutions

Duke Company’s records show the following account balances at December 31, 2021:
Duke Company’s records show the following account balances at December 31, 2021: Sales revenue ................................................$15,000,000Cost of goods sold ............................................9,000,000General and administrative expense .............1,000,000Selling expense ....................................................500,000Interest expense ..................................................700,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.1. $300,000 in restructuring costs were incurred in connection with plant closings.2. Inventory costing $400,000 was written off as obsolete. Material losses of this type are considered to be unusual.3. It was discovered...
Duke Company’s records show the following account balances at December 31, 2018: Sales $ 18,200,000 Cost...
Duke Company’s records show the following account balances at December 31, 2018: Sales $ 18,200,000 Cost of goods sold 10,600,000 General and administrative expenses 1,160,000 Selling expenses 660,000 Interest expense 860,000 Income tax expense has not yet been determined. The following events also occurred during 2018. All transactions are material in amount. $460,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $560,000 was written off as obsolete. Material losses of this type are considered to be...
Hap Company’s records indicated the following account balances at December 31, 2018: Retained earnings                          &n
Hap Company’s records indicated the following account balances at December 31, 2018: Retained earnings                                                                                                            $420,000 Unrealized increased in fair value of available for sale securities                  19,000 Paid-in capital in excess of par on preferred stock                                             50,000 Paid-in capital in excess of par on common stock                                               100,000 Paid-in capital in excess of par from stock options (common)                       10,000 Paid-in capital in excess of par from treasury stock                                            8,000 Common stock ($1 par value)                                                                                     10,000 Preferred stock ($20 par value)                                                                                 ...
Duchess Company's records show the following account balances at December 31,2018 Sales 19,000,000 Cost of Goods...
Duchess Company's records show the following account balances at December 31,2018 Sales 19,000,000 Cost of Goods Sold 11,000,000 General an administrative expenses 1,200,000 Selling Expenses 700,000 Interest expense 900,000 Income tax has not yet been determined. The following events also occurred during 2018. All transactions are material in amount. 1. 500,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing 600,000 was written off as obsolete. Material losses of this type are considered to be unusual....
Mercy Hospital has the following balances on December 31, 2021
Mercy Hospital has the following balances on December 31, 2021, before any adjustment Accounts Receivable = $70,000, Allowance for Uncollectible Accounts - $1,400 (credin Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown belowRequired: 1. Estimate the amount of uncollectible receivables. 2. Record the adjusting entry for uncollectible accounts on December 31, 2021. (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.)3. Calculate net accounts receivable. 
Garvey Company’s unadjusted trial balance includes the following account balances as of December 31, 2015: Debits...
Garvey Company’s unadjusted trial balance includes the following account balances as of December 31, 2015: Debits Credits   Cash $ 69,420   Accounts receivable 118,700   Interest receivable 1,380   Supplies 141,400   Prepaid insurance 8,900   Notes Receivable (short-term) 51,200   Equipment 283,400   Accumulated Depreciation––Equipment $ 65,700   Accounts payable 106,100   Salaries and Wages Payable 22,000   Unearned revenue 9,600   Notes Payable (long-term) 89,000   Common Stock 220,500   Retained earnings 146,300   Service revenue 41,300   Interest revenue 22,300   Supplies Expense 0   Repair and Maintenance Expense 27,000   Rent Expense 18,200   Depreciation...
Garvey Company’s unadjusted trial balance includes the following account balances as of December 31, 2015: Debits...
Garvey Company’s unadjusted trial balance includes the following account balances as of December 31, 2015: Debits Credits Cash $ 69,290 Accounts receivable 118,100 Interest receivable 1,360 Supplies 140,700 Prepaid insurance 8,850 Notes Receivable (short-term) 50,900 Equipment 282,000 Accumulated Depreciation––Equipment $ 65,400 Accounts payable 105,600 Salaries and Wages Payable 21,900 Unearned revenue 9,500 Notes Payable (long-term) 88,600 Common Stock 219,400 Retained earnings 145,600 Service revenue 41,100 Interest revenue 22,200 Supplies Expense 0 Repair and Maintenance Expense 26,850 Rent Expense 18,100 Depreciation...
On December 31, 20X1, Carter Corporation had the following account balances related to credit sales and...
On December 31, 20X1, Carter Corporation had the following account balances related to credit sales and receivables prior to recording adjusting entries: Trade receivables $25,000 Allowance for doubtful accounts $200 (credit) Sales revenue (all credit sales) $400,000 Required: Present the necessary year-end adjusting entry related to uncollectible accounts for each of the following independent assumptions: A. An aging of accounts receivable is completed. It is estimated that $1,950 of the receivables outstanding at year-end will be uncollectible. B. It is...
THE Company reported the following selected account balances for 2021: Jan. 1, 2021 Dec. 31, 2021...
THE Company reported the following selected account balances for 2021: Jan. 1, 2021 Dec. 31, 2021 Accounts payable 47,000 28,000 Common stock 100,000 187,000 Inventory 52,000 86,000 Investments 68,000 84,000 Mortgage payable 99,000 82,000 Retained earnings 23,000 51,000 THE Company's 2021 income statement appears below: Sales revenue $500,000 Cost of goods sold 360,000 Other expenses 85,000 Net income $ 55,000 Calculate THE Company's net cash flows from financing activities for 2021.
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits Credits Cash $ 105,000 Accounts receivable 200,000 Inventory 305,000 Prepaid expenses 188,000 Equipment 360,000 Accumulated depreciation $ 130,000 Investments 180,000 Accounts payable 80,000 Interest payable 40,000 Deferred revenue 100,000 Income taxes payable 50,000 Notes payable 300,000 Allowance for uncollectible accounts 36,000 Common stock 420,000 Retained earnings 182,000 Totals $ 1,338,000 $ 1,338,000 Additional information: Prepaid expenses include $160,000 paid on...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT