Problem
The trial balance of Rollins Inc. included the following accounts as of December 31, 2016:
|
Debits
|
Credits
|
|
Sales revenue
|
|
5,900,000
|
|
Interest revenue
|
|
40,000
|
|
Loss on sale of investments
|
10,000
|
|
|
Unrealized losses on investments
|
150,000
|
|
|
Foreign currency translation gains
|
|
260,000
|
|
Cost of goods sold
|
4,400,000
|
|
|
Selling expenses
|
400,000
|
|
|
Restructuring costs
|
180,000
|
|
|
Interest expense
|
20,000
|
|
|
General and administrative expenses
|
300,000
|
|
Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 40%.
Required:
Prepare a 2016 single, continuous statement of comprehensive income for Rollins Inc. Use a multiple-step income statement format.