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A Statement of Comprehensive Income

Roxanne Carter Corporation reported the following for 2007: net sales $1,200,000; cost of goods sold $750,000; selling and administrative expenses $320,000; and an unrealized holding gain on available-for-sale securities $18,000.

Instructions:
Prepare a statement of comprehensive income, using the two-income statement format. Ignore income taxes and earnings per share.

Solution Preview

Roxanne Carter Corporation reported the following for 2007: net sales $1,200,000; cost of goods sold $750,000; selling and administrative expenses $320,000; and an unrealized holding gain on available-for-sale securities ...

Solution Summary

This solution provides the correct statement of comprehensive income using the two-income statement format. This solution is written based on 25+ years of professional experience as an accountant.

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