Duke Company's records show the following account balances at December 31, 2024: $ 16,600,000 9,800,000 1,080,000 580,000 780,000 Sales reve Cost of old General and auministrative expense Selling expense Interest expense Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $380,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $480,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $58,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $280,000 and had an unrealized gain on debt securities of $260,000. Required: items- Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tox. Ignore EPS disclosures Mate

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Sales revenue
Cost of goods sold
Gross profit
Operating expenses:
General and administrative expense
Selling expense
DUKE COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2024
Restructuring costs
Loss on inventory write-down
Total operating expenses
Operating income
Other income (expense):
Interest expense
Income before income taxes
Income tax expense
Net income
Other comprehensive income, net of tax:
Loss on sale of investments
Gain on debt securities
Total other comprehensive income (loss)
Comprehensive income
♥
✔
X
$ (1,080,000)
(580,000)
(380,000)
(480,000)
2,100,000 X
2,100,000 >
$ 16,600,000
(9,800,000)
6,800,000
(2,520,000)
4,280,000
(780,000)
3,500,000
875,000
2,625,000
4,200,000
S (1,575,000)
Transcribed Image Text:Sales revenue Cost of goods sold Gross profit Operating expenses: General and administrative expense Selling expense DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024 Restructuring costs Loss on inventory write-down Total operating expenses Operating income Other income (expense): Interest expense Income before income taxes Income tax expense Net income Other comprehensive income, net of tax: Loss on sale of investments Gain on debt securities Total other comprehensive income (loss) Comprehensive income ♥ ✔ X $ (1,080,000) (580,000) (380,000) (480,000) 2,100,000 X 2,100,000 > $ 16,600,000 (9,800,000) 6,800,000 (2,520,000) 4,280,000 (780,000) 3,500,000 875,000 2,625,000 4,200,000 S (1,575,000)
Duke Company's records show the following account balances at December 31, 2024:
$ 16,600,000
9,800,000
1,080,000
Sales reves
Cost of E
old
General and ministrative expense
Selling expense
Interest expense
Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in
amount.
1. $380,000 in restructuring costs were incurred in connection with plant closings.
2. Inventory costing $480,000 was written off as obsolete. Material losses of this type are considered to be unusual.
3. It was discovered that depreciation expense for 2023 was understated by $58,000 due to a mathematical error. The amount is
considered material.
4. The company experienced a negative foreign currency translation adjustment of $280,000 and had an unrealized gain on debt
securities of $260,000.
Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2024. 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
Note: Amounts to be deducted should be indicated with a minus sign.
Sales revenue
Cost of goods sold
Gross profit
580,000
780,000
Answer is complete but not entirely correct.
DUKE COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2024
Operating expenses
General and administrative expense
Selling expense
Restructuring costs
Loss on inventory write-down
Total operating expenses
**
0000
OS (1,080,000)
(580,000)
(380,000)
(480.000)
$ 16,600,000
(9,800,000)
6,800,000
(2.520,000)
Transcribed Image Text:Duke Company's records show the following account balances at December 31, 2024: $ 16,600,000 9,800,000 1,080,000 Sales reves Cost of E old General and ministrative expense Selling expense Interest expense Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $380,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $480,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $58,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $280,000 and had an unrealized gain on debt securities of $260,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. 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 Note: Amounts to be deducted should be indicated with a minus sign. Sales revenue Cost of goods sold Gross profit 580,000 780,000 Answer is complete but not entirely correct. DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024 Operating expenses General and administrative expense Selling expense Restructuring costs Loss on inventory write-down Total operating expenses ** 0000 OS (1,080,000) (580,000) (380,000) (480.000) $ 16,600,000 (9,800,000) 6,800,000 (2.520,000)
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