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Problem - 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)
$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 available-for-sale securities
1,800
Cost of goods sold
95,000
Loss on sale of equipment (pretax)
2,000
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 -
1. Prepare a 2019 multiple-step income statement.
2. Prepare a 2019 single-step income statement.
3. Prepare a 2019 statement of comprehensive income.
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