Business, 25.09.2020 03:01 ambriyaarmstrong01

Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2016, Opgenorth Company listed the following items in its adjusted trial balance:
Loss from fire (pretax) $8,000 General and administrative expenses $17,000
Interest revenue 2,500 Sales 160,000
Selling expenses 14,000 Unrealized decrease in fair value of
Cost of goods sold 95,000 available-for-sale securitie 1,800
Loss on sale of equipment (pretax) 2,000
Additional data:
Seven thousand shares of common stock have been outstanding the entire year.
The income tax rate is 30% on all items of income.
Required:
Prepare a 2016 multiple-step income statement. Disregard EPS disclosure.

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Answer from: breiajanae880

OPGENORTH COMPANY

Income Statement

For Year Ended December 31, 2016

Sales $160,000

Cost of goods sold $95,000

Gross profit $65,000

Operating expenses

Selling expense $14,000

General and administrative $17,000

expense

Total operating expense $31,000

Operating income $34,000

Other items

Interest revenue $2,500

Loss on sale of equipment (pretax) -$2,000

Loss from fire -$8,000 -$7,500

Income before tax $26,500

Income tax $7,950

Net income $18,550

Components of Income EPS

EPS = $18550 / $7000

= $2.65

OPGENORTH COMPANY

Statement of Comprehensive Income

For Year Ended December 31, 2016

Net income $18,550

Other comprehensive loss

Unrealized decrease in fair value -$1,800

of available for sale securities

Comprehensive income $16,750

Answer from: Quest

explanation:

Answer from: Quest

You can put most money would be invested in innovation by economic convergence

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