Multi-step and single step income statement and statement of comprehensive incom

ID: 2353157 • Letter: M

Question

Multi-step and single step income statement and statement of comprehensive income on December 31,2010 the Adandt company listed the following items in it's adjusted trial balance.Extraordinary loss (pretax)$8,000, Interest revenue$2,500, sales revenue and allowances $3,000, Selling Expenses $14,000, Cost of goodssold $95,000 ,Loss on sale of equipment(pretax)$2,000,General and Administrative Expenses $17,000, Sales $ 163,000, Unrealized decrease in value of available for sale securities$1,800. Additional data 1. seven thousand shares of common stock have been outstanding the entire year. (2) The income tax rate is 30% on all items of income. Required(1) Prepare a 2010 multi-step income statement .(2) Prepare a 2010 single-step income statement.(3) prepare a 2010 statement of comprehensive income.

Explanation / Answer

Raw material

39000

Direct labor

32000

Factory overhead

28000

Current manufacturing

99 000

add

21000

less

(18000)

Cost of goods manaufactured

102 000

add

35000

cost

137000

Less finished

42 000

Cost of goods sold

95000