The trial balance for Blue Bell Company for the year ended December 31, 2019 included the following accounts:Sales revenue = $320,000Cost of goods sold = $195,000Selling and administrative expenses = $110,000Interest income = $88,000Other expenses = $70,000Gain on derivatives = $43,650Gain on investment securities = $26,700The gains on derivatives and investment securities are unrealized and classified as other comprehensive incomeEach component of other comprehensive income should be calculated net of taxBlue Bell's income tax rate on all items is 30%Calculate the following amounts for the company’s 2019 statement of comprehensive income (round all answers to the nearest dollar amount):1. Gross profit =2. Net income =3. Gain on derivatives =

Net income: Net income can be defined as the income remaining after payment of all expenses from…

Answered: The trial balance for Blue Bell Company…

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 11P: Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as...

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The trial balance for Blue Bell Company for the year ended December 31, 2019 included the following accounts:

Sales revenue = $320,000

Cost of goods sold = $195,000

Selling and administrative expenses = $110,000

Interest income = $88,000

Other expenses = $70,000

Gain on derivatives = $43,650

Gain on investment securities = $26,700

The gains on derivatives and investment securities are unrealized and classified as other comprehensive income
Each component of other comprehensive income should be calculated net of tax
Blue Bell's income tax rate on all items is 30%
Calculate the following amounts for the company’s 2019 statement of comprehensive income (round all answers to the nearest dollar amount):

1. Gross profit =

2. Net income =

3. Gain on derivatives =

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