Duke Company’s records show the following account balances at December 31, 2018: Sales $17,400,000
Cost of goods sold 10,200,000
General and administrative expenses 1,120,000
Selling expenses 620,000
Interest expense 820,000

Income tax expense has not yet been determined. The following events also occurred during 2018. All transactions are material in amount.

1. $300,000 in restructuring costs were incurred in connection with plant closings.
2. Inventory costing $400,000 was written off as obsolete. Material losses of this type are considered to be unusual.
3. It was discovered that depreciation expense for 2020 was understated by $50,000 due to a mathematical error.
4. The company experienced a negative foreign currency translation adjustment of $320,000 and had unrealized gains on investments of $300,000.

Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2018. The company’s effective tax rate on all items affecting comprehensive income is 20%. Each component of other comprehensive income should be displayed net of tax.

Duke Company’s total comprehensive income for 2018 is $3,136,000.

Explanation:

Note: See the attached excel file for the single, continuous multiple-step statement of comprehensive income for 2018.

A multi-step income statement can be described as an income statement in which gross profit as well as the details of each category of expenses and incomes are presented in order to obtain the total comprehensive of a firm for a specified period.

After preparing a single, continuous multiple-step statement of comprehensive income for 2018 as given in the attached excel file, the total comprehensive income of Duke Company for 2018 is calculated to be $3,136,000.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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