Accounting assignment

The following income statement items appeared on the adjusted trial balance of XYZ Corporation for the year ended December 31, 2021 ($ in 000s): sales revenue, $22,300; dividend revenue from investments, $200; interest revenue $150; cost of goods sold, $14,500; selling expense, $2,300; general and administrative expense, $1,200; interest expense, $300. Income taxes have not yet been accrued. The company’s income tax rate is 20% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ in 000s). All transactions are material in amount.

1. Investments were sold during the year at a loss of $300. XYZ also had an unrealized gain of $200 for the year on investments. The unrealized gain represents a increase in the fair value of debt securities and is classified as part of other comprehensive income.

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2. One of the company’s factories was closed during the year. Restructuring costs incurred were $1,000.

3. During the year, XYZ completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP regarding discontinued operations. The division had incurred operating income of $500 in 2021 prior to the sale, and its assets were sold at a gain of $ 400.

4. A negative foreign currency translation adjustment for the year totaled $300.

5. Amortization expense was understated by $60 in 2020.

6. The Corporation incurred $100 in research and development costs during 2021.

7. Inventory that had cost $80 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $10.

8. Retained earnings 12/31/20 is $400.

9. One million shares of common stock were outstanding as of 12/31/20. The following additional issuances of shares occurred during 2021: a.) 4/1/21 issued 50,000 shares and b.) 7/1/21 issued 40,000 shares

10., The Corporations declared and paid $100 of preferred dividends and declared $100 (of which $25 will be paid January 15, 2022) of common dividends.

Required:

Based on the all of the information provided, answer the following questions as they would appear in a single, continuous multiple-step statement of comprehensive income for 2021. Round all numbers excepts earnings per share to whole numbers. (each 2 points)

Select and copy sections 1-13 below to answer in the space provided

Gross profit ________________

Total operating expenses ________________

Operating income ________________

Total other revenue/(expense) _______________

Income before Tax ________________

Income tax expense ________________

Income from continuing operations (IFCO) ________________

Discontinued operations ________________

Net income ________________

Other comprehensive income ________________

Comprehensive income ________________

Earnings per share (IFCO only) ________________

Retained earnings 12/31/21 ________________

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