Zenith Company had the following selected accounts in its trial balance at 12/31/20X1:
|
|
Dr. | Cr. |
| Sales | $450,000 | |
| Cost of goods sold | $300,000 | |
| Unrealized losses on marketable securities | 20,000 | |
| Operating expenses | 50,000 | |
| Common stock | 300,000 | |
| Retained earnings (1/1/X1) | 200,000 | |
| Accumulated other comprehensive income (1/1/X1) | 60,000 |
No new common stock was issued during X1.
Based on the above information,
A. Prepare 1) an income statement, and 2) a Comprehensive Income statement for the year ended December 31, 20X1. ( proposed solution)
B. Prepare a Combined statement of Comprehensive income for the year ended December 31, 20X1. (proposed solution)
C. Prepare a Statement of Stockholders' Equity for the year ended December 31, 20X1. (proposed solution)
Attempt a solution
before looking at the proposed solution!!
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