JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1786,995; selling and administrative expenses $585.900; unrealized holding loss on available for sale securities (considered other comprehensive income) $22,000; a positive foreign currency translation adjustment $26,250 (considered other comprehensive income), and an unrealized loss from pension adjustment considered other comprehensive income) $7.000. JDW's tax rate was 21%. Ignore income taxes related to amounts in other comprehensive income. Required: Prepare a multiple-step income statement and a statement of comprehensive income using the two-statement format. Ignore earnings per share.

                   JDW Corporation

                   Income statement

    For the year ended December 31, 20x1

Sales                                                         $2,929,500

Cost of good sold                                    $1,786,995

Gross Profit                                              $1,142,505

Selling and Administration expenses    $585,900

Income from Operations before tax        $446,605

Income Tax                                                $116,887

Net Income                                                $439,718

                                    JDW Corporation

                     Statement of comprehensive income

                             For the year ended December 31, 20x1

Net Income                                                                     $439,718

Unrealized holding loss net of tax                                -$22,000

Foreign currency transaction adjustment                     $26,250

Unrealized loss from pension adjustment net of tax   -$7,000  

Comprehensive Income                                                 $436,968

15 pounds of apples and 6 cups of flour

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know