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Question: The following items were taken from the adjusted trial balance of the Bremeur Corporation on 31 December 20×5. Assume an average 20% income tax on all items (including the divestiture loss). The accounting period ends 31 December. All amounts given are pretax and are subject to the same income tax rate. Bremeur had 30,000 shares outstanding at the beginning of the year. On 31 August 20×5, an additional 9,000 shares were issued; at the end of 20×5, 39,000 shares were outstanding.

sales revenue from continuing operations 695,000

revenue in business segment being discontinued 75,000

rent revenue 2,400

interest revenue 900

gain on sale of investments 2,000

distribution expenses 136,000

general and admin expenses 110,000

operating expenses in business segment being discontinued 78,000

interest exoense 1,500

dep and amort 6,000

settlement of legal claims against company 10,000

asset impirments, discontinued operation 12,000

cost of good sold 330,000

Required: Prepare a multi-step Statement of Comprehensive Income, in good form, on functional basis.

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  • Category:- Accounting Basics
  • Reference No.:- M92557517
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