Selected account balances from the adjusted trial balance for Harbor Corp. as of
ID: 2576551 • Letter: S
Question
Selected account balances from the adjusted trial balance for Harbor Corp. as of its calendar year-end December 31, 2011, follow.
a.
Accumulated depreciation – buildings
400,000
b.
Interest revenue
20,000
c.
Net sales
2,640,000
d.
Income taxes expense
12,000
e.
Accumulated depreciation – equipment
220,000
f.
Other operating expenses
328,000
g.
Depreciation expense - Equipment
100,000
h.
Gain from settlement of lawsuit
68,000
i.
Loss on sale of equipment
24,000
j.
Loss from discontinued operations
120,000
k.
Depreciation expense – buildings
156,000
l.
Cost of goods sold
1,040,000
m.
Accounts payable
132,000
n.
Exchange gain on translating foreign operations
10,000
Required
Prepare its statement of comprehensive income for calendar year 2011. (Ignore the earnings per share section.)
a.
Accumulated depreciation – buildings
400,000
b.
Interest revenue
20,000
c.
Net sales
2,640,000
d.
Income taxes expense
12,000
e.
Accumulated depreciation – equipment
220,000
f.
Other operating expenses
328,000
g.
Depreciation expense - Equipment
100,000
h.
Gain from settlement of lawsuit
68,000
i.
Loss on sale of equipment
24,000
j.
Loss from discontinued operations
120,000
k.
Depreciation expense – buildings
156,000
l.
Cost of goods sold
1,040,000
m.
Accounts payable
132,000
n.
Exchange gain on translating foreign operations
10,000
Explanation / Answer
Workings:
HARBOR CORP. Statement of Comprehensive Income for the year ended December 31, 2011 Net Income 1068000 Other comprehensive income Loss from discontinued operations -120000 Exchange gain on translating foreign opeartions 10000 -110000 Comprehensive Income 958000Related Questions
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