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. On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) $8,000 Interest revenue 2,000 Selling expenses 15,000 Cost of goods sold 90,000 Loss on sale of equipment (pretax) 2,000 General and administrative expenses Sales Unrealized decrease in fair value of available-for-sale securities $17,000 160,000 1,800

. On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) $8,000 Interest revenue 2,000 Selling expenses 15,000 Cost of goods sold 90,000 Loss on sale of equipment (pretax) 2,000 General and administrative expenses Sales Unrealized decrease in fair value of available-for-sale securities $17,000 160,000 1,800

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 7E: Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December...
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Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) Interest revenue Selling expenses • Cost of goods sold Loss on sale of equipment (pretax) Operating expenses $8,000 2,000 15,000 90,000 available-for-sale securities 2,000 General and administrative expenses Sales 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: Other items 1. Prepare a 2019 multiple-step income statement. Round earnings per share to two decimal places. OPGENORTH COMPANY Income Statement For Year Ended December 31, 2019 Unrealized decrease in fair value of 00 00 $17,000 160,000 1,800 k
Transcribed Image Text:Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) Interest revenue Selling expenses • Cost of goods sold Loss on sale of equipment (pretax) Operating expenses $8,000 2,000 15,000 90,000 available-for-sale securities 2,000 General and administrative expenses Sales 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: Other items 1. Prepare a 2019 multiple-step income statement. Round earnings per share to two decimal places. OPGENORTH COMPANY Income Statement For Year Ended December 31, 2019 Unrealized decrease in fair value of 00 00 $17,000 160,000 1,800 k
2. Prepare a 2019 single-step income statement. Round earnings per share to two decimal places. OPGENORTH COMPANY Income Statement For Year Ended December 31, 2019 Revenues Total revenues Expenses Total expenses Components of Income 0:00 3. Prepare a 2019 statement of comprehensive income. OPGENORTH COMPANY Statement of Comprehensive Income For Year Ended December 31, 2019. Other comprehensive loss
Transcribed Image Text:2. Prepare a 2019 single-step income statement. Round earnings per share to two decimal places. OPGENORTH COMPANY Income Statement For Year Ended December 31, 2019 Revenues Total revenues Expenses Total expenses Components of Income 0:00 3. Prepare a 2019 statement of comprehensive income. OPGENORTH COMPANY Statement of Comprehensive Income For Year Ended December 31, 2019. Other comprehensive loss
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