JDW Corporation reported the following for 2014:
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JDW Corporation reported the following for 2014: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative expenses $585,900; an unrealized holding loss on available-for-sale securities $22,000; a gain from foreign currency translation $26,250 (no tax effect); and an unrealized loss from pension adjustment $7,000. JDW’s tax rate was 30%.
Required: Prepare a multiple-step income statement and a statement of comprehensive income using the two-statement format. Ignore earnings per share.
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