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Sportswear, Inc

Accounting

Sportswear, Inc. reports the following information for 20x9: sales revenue $2,000,000; CGS $350,000; operating expenses $800,000; and an unrealized holding loss on available-for-sale securities of $50,000. The company paid cash dividends of $10,000. The company's January 1, 20x9 balances were: Common stock, $500,000; accumulated other comprehensive income $30,000; and retained earnings, $300,000. No stock was issued during 20x9.

 

(a) Prepare a statement of comprehensive income, using the one statement approach.

(b) Prepare the stockholders' equity section of Sportswear, Inc.'s Balance Sheet.

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