Problem: Prepare in good form, a Statement of Comprehensive Income for ABC Corp, for the calendar year 2014 given the following information:
Sales Revenue $350,000
Other Revenue-Interest 12,000
Cost of Goods Sold 120,000
Operating Expenses 230,000
Dividends paid to shareholders 15,000
Other revenue/ (losses):
Gain on sale of collectibles-infrequent but not unusual 12,000
Loss from hurricane-unusual and infrequent event (8,000)
Decrease in value of Available for Sale securities 15,000
ABC's tax rate is 40 percent.
There are 1,000 shares of common outstanding throughout 2014.
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