Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2016, 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
Cost of goods sold 95,000 available-for-sale securitie 1,800
Loss on sale of equipment (pretax) 2,000
Additional data:
Seven thousand shares of common stock have been outstanding the entire year.
The income tax rate is 30% on all items of income.
Required:
Prepare a 2016 multiple-step income statement. Disregard EPS disclosure.

                     OPGENORTH COMPANY

                        Income Statement

                 For Year Ended December 31, 2016

Sales                                                                 $160,000

Cost of goods sold                                           $95,000

Gross profit                                                       $65,000

Operating expenses

Selling expense                     $14,000  

General and administrative   $17,000

expense  

Total operating expense                                   $31,000

Operating income                                               $34,000

Other items

Interest revenue                                $2,500

Loss on sale of equipment (pretax) -$2,000  

Loss from fire                                    -$8,000     -$7,500

Income before tax                                               $26,500

Income tax                                                           $7,950

Net income                                                          $18,550

Components of Income EPS

EPS =  $18550 / $7000

= $2.65

               OPGENORTH COMPANY

       Statement of Comprehensive Income

         For Year Ended December 31, 2016

Net income                                       $18,550

Other comprehensive loss  

Unrealized decrease in fair value   -$1,800

of available for sale securities          

Comprehensive income                  $16,750

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.

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