subject
Business, 22.09.2020 14:01 lin550

Duke Company’s records show the following account balances at December 31, 2018: Sales $17,400,000
Cost of goods sold 10,200,000
General and administrative expenses 1,120,000
Selling expenses 620,000
Interest expense 820,000

Income tax expense has not yet been determined. The following events also occurred during 2018. 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 that depreciation expense for 2020 was understated by $50,000 due to a mathematical error.
4. The company experienced a negative foreign currency translation adjustment of $320,000 and had unrealized gains on investments of $300,000.

Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2018. The company’s effective tax rate on all items affecting comprehensive income is 20%. Each component of other comprehensive income should be displayed net of tax.

ansver
Answers: 3

Another question on Business

question
Business, 22.06.2019 10:00
mary's baskets company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. there are 4,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. the company keeps no work-in-process inventory. what amount of sales revenue will be reported on the 2019 budgeted income statement?
Answers: 2
question
Business, 22.06.2019 11:00
Abank provides its customers mobile applications that significantly simplify traditional banking activities. for example, a customer can use a smartphone to take a picture of a check and electronically deposit into an account. this unique service demonstrates the bank’s desire to practice which one of porter’s strategies?
Answers: 3
question
Business, 22.06.2019 16:30
Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?
Answers: 3
question
Business, 22.06.2019 16:30
Corrective action must be taken for a project when (a) actual progress to the planned progress shows the progress is ahead of schedule. (b) the technical specifications have been met. (c) the actual cost of the activities is less than the funds received for the work completed. (d) the actual progress is less than the planned progress.
Answers: 2
You know the right answer?
Duke Company’s records show the following account balances at December 31, 2018: Sales $17,400,000<...
Questions