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    4-6 Dahlia Company

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    yayaya
    Dahlia Company reported net sales of $9.5 million for the year ended December 31, 2020, with a net income of $2.3 million after accounting for costs of goods sold, expenses, taxes, and other income items. The statement also shows comprehensive income of $3.3 million, which includes a translation loss of $200,000 and revaluation surplus of $1.2 million that are components of other comprehensive income.

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    4-6 Dahlia Company

    Uploaded by

    yayaya
    1K views1 page
    Dahlia Company reported net sales of $9.5 million for the year ended December 31, 2020, with a net income of $2.3 million after accounting for costs of goods sold, expenses, taxes, and other income items. The statement also shows comprehensive income of $3.3 million, which includes a translation loss of $200,000 and revaluation surplus of $1.2 million that are components of other comprehensive income.

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    Intermediate Accounting 3

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    Dahlia Company reported net sales of $9.5 million for the year ended December 31, 2020, with a net income of $2.3 million after accounting for costs of goods sold, expenses, taxes, and other income items. The statement also shows comprehensive income of $3.3 million, which includes a translation loss of $200,000 and revaluation surplus of $1.2 million that are components of other comprehensive income.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    1K views1 page

    4-6 Dahlia Company

    Uploaded by

    yayaya
    Dahlia Company reported net sales of $9.5 million for the year ended December 31, 2020, with a net income of $2.3 million after accounting for costs of goods sold, expenses, taxes, and other income items. The statement also shows comprehensive income of $3.3 million, which includes a translation loss of $200,000 and revaluation surplus of $1.2 million that are components of other comprehensive income.

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    © All Rights Reserved
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    Dahlia Company

    Statement of Comprehensive Income


    Year ended December 31, 2020

    Net Sales 9,500,000


    Cost of goods sold 6,000,000
    Gross income 3,500,000
    Other income 1 350,000
    Share of profit of associate 350,000
    Total income 4,200,000
    Expenses
    Distribution costs 500,000
    Administrative expenses 300,000
    Finance cost 150,000 950,000
    Income before tax 3,250,000
    Income tax expense 950,000
    Net income 2,300,000
    OCI to be reclassified to profit or loss:
    Translation loss - 200,000
    OCI to be reclassified to profit or loss:
    Revaluation surplus 1,200,000
    Comprehensive income 3,300,000

    Note 1 Other income


    Interest revenue 250,000
    Gain on sale of equipment 100,000
    350,000

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