Question 2 of 10 - Chapter 4 Homework 2024-02-15, 13:04

Chapter 4 Homework

You’ve completed all of the work in this assignment.

Question 2 of 10 1/1

View Policies
Show Attempt History

 Your answer is correct.

Bramble Company Limited reported the following for 2023: sales revenue, $1.15 million; cost of
goods sold, $718,750; selling and administrative expenses, $348,000; gain on disposal of building,
$301,000; and unrealized gain-OCI (related to FV-OCI equity investments with gains/losses not
recycled), $15,000. Assume investments are accounted for as FV-OCI equity investments, with
gains/losses not recycled through net income.

Prepare a statement of comprehensive income. Ignore income tax and EPS.

Bramble Company Limited

Statement of Comprehensive Income
For the Year Ended December 31, 2023

Sales Revenue $ 1150000

Cost of Goods Sold 718750 

Gross Profit / (Loss) 431250

Operating Expenses

Selling and Administrative Expenses 348000 

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=0efd6906-5cb4-4fb2-a97a-a03e435135a6#/question/1 Page 1 of 2
Question 2 of 10 - Chapter 4 Homework 2024-02-15, 13:04

Income from Operations 83250

Gain on Disposal of Building 301000

Net Income / (Loss) 384250

Other Comprehensive Income

Items that will not be recycled subsequently to net income or

loss:

Unrealized Gain on Fair-Value OCI investments 15000

Comprehensive Income / (Loss) $ 399250

eTextbook and Media Assistance Used

Attempts: 1 of 3 used

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=0efd6906-5cb4-4fb2-a97a-a03e435135a6#/question/1 Page 2 of 2