The following is a list of some of the general ledger account balances of ...

80.2K

Verified Solution

Question

Accounting

The following is a list of some of the general ledger account balances of
Jajoo Corporation at March 31, 2021:
Accrued wages payable $82,000
Buildings- net of accumulated depreciation $952,000
Cash dividends - common $130,000
Cash dividends - preferred $15,000
Common shares $650,000
Cost of goods sold $8,458,000
Depreciaiton expense $412,000
Operating expenses $1,056,000
Other comprehensive income - loss on
equity investments (before income tax) $75,000
Preferred shares ($3 noncumulative) $50,000
Rent revenue $56,000
Sales $10,456,000
Trade accounts payable $148,000
Other additional information follows:
1 The company was incorporated on April 1, 2020 by issuing 200,000
common shares and 5,000 preferred shares, with no changes during
the year.
2 The company has a 20% income tax rate.
3 The smartphone division was sold and discontinued on October 31, 2020. The
profit for the smartphone division up to that day was $180,000 before income
tax. The smartphone division was sold at a loss of $100,000 before tax.
Question
Prepare an all-inclusive statement of comprehensive income for Jajoo Corporation
for the year ended March 31, 2021?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students