Question - Make a statement of comprehensive income from the following data?
Sales revenue $40,000,000
General and administrative expenses 8,200,000
Deferred revenue 100,000
Interest expense 65,000
Selling expenses 1,800,000
Interest revenue 75,000
Cost of goods sold 12,000,000
Dividend revenue 15,000
Additional Information:
The company's fiscal year end is December 31st. Income tax expense has not been determined. The following events also occurred during 2018. All transactions are material in amount unless otherwise noted.
1 - A chemical explosion caused $66,000 in uninsured damages to one of Kingston's warehouses. The explosion was considered to be an unusual event.
2 - In October 2018, Kingston sold its Paint division that qualified as a component of an entity for $2,000,000. The division generated "before tax income" of $280,000 from operations, from the beginning of the year through the date of disposal, and the book value of the division's assets was $800,000.
3 - $160,000 in restructuring costs were incurred in connection with corporate down-sizing.
4 - It was discovered that depreciation expense for 2017 was understated by $50,000 due to a mathematical error.
5 - Inventory that had a cost of $15,000 had become obsolete. The inventory was sold as scrap for $9,000.
6 - Kingston Corporation experienced a foreign currency translation adjustment loss of $50,000.
7 - Investments were sold during the year at a loss of $8,000.
8 - Kingston also had unrealized gains of $30,000 for the year on investments.