Question

Novak Corporation reported the following for 2020: net sales $1,208,000, cost of goods sold $731,100, selling and administrative expenses $336,800, and an unrealized holding gain on available-for-sale debt securities $24,300. Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.) NOVAK CORPORATION Statement of Comprehensive Income

Answer 1

The answer is given below;

Step-by-step explanation:

Sales $1,208,000

Less:Cost of goods sold ($731,100)

Gross Profit $476,900

Less:Selling and Admin Expenses ($336,800)

Net Profit $140,100

Add:Unrealized holding gain $24,300

Comprehensive Income $164,400