Please make a partial statement of Comprehensive income of this question begin w
ID: 2411050 • Letter: P
Question
Please make a partial statement of Comprehensive income of this question begin with "income from contiuning Questions before tax"Please show how you get the numbers, especially how you get the income from contiuning Questions before tax. Thank you!
Depr- ??. asoo 11100 (59 ,700-41 .900 ) + "loo Q3 q00 A/R 21, al ,000 QUESTION 2 (13 MARKS-26 MINUTES) ABC Company Inc. has provided you with the following Income Statement for the year ended December 31, 2016. Sales $1,500,000 $600,500 160,200 182,600 (32,000) 60,000 28,200 68,000 (88,200) 156,210 Cost of sales Selling expenses Administrative expenses Interest income Depreciation expense Unrealized loss on FV-NI investment Loss on disposal of Division A assets Unrealized gain on FV-OCl investment Income tax expense (at 30%) Net income $364,490 Additional information Effective November 20, 2016 the Board of Directors initiated a plan to dispose of Division A. Included in the net income are the following amounts that relate to Division A which meets the requirements for treatment as a Discontinued Operation. Sales Cost of sales Selling expenses Administrative expenses Depreciation expense $180,000 160,000 48,000 68,000 18,500 Division A was sold on December 30, 2016. REQUIRED Prepare in good form a partial Statement of Comprehensive Income for the year ended December 31, 2016 beginning with "Income from Continuing Operations before tax" (Note: continue your response on the following page).Explanation / Answer
Partial Statement of Comprehensive Income For tHe year ended December 31 2014 Income for Continuing Operations $385,700 Discountinued Operations Loss from discontinued operations net of taxes 80150 Loss on disposal of division net pf taxes (68000*.7) 47600 127750 Net Income $257,950 other Comprehensive income Unrealized gain on fair value-OCI Investments' 88200 Comprehensive Income $346,150 working Calcutions Sales (1500000-180000) 1320000 Less: Cost of sales (600500-160000) 440500 Gross profit 879500 Selling & Adm expenses Selling expenses (160200-48000) 112200 Admismistrative expenses 114600 Depreciation expenses (60000-18500) 41500 Total Selling & adm expenses 268300 Income from Operations 611200 Less: Other income/(expenses) Interest expenses -32000 Unrealized loss on FV-NI -28200 Total Other income/(expenses) -60200 Income for Continuing Operations before taxes 551000 Income tax expense( 30%) 165300 Income for Continuing Operations 385700 Loss from discontinued operations net of taxes Sales 180000 Less: Cost of sales 160000 Gross profit 20000 Selling & Adm expenses Selling expenses 48000 Admismistrative expenses 68000 Depreciation expenses 18500 Total Selling & adm expenses 134500 Income from Operations -114500 Income tax expense( 30%) -34350 Loss from discontinued operations net of taxes -80150