Shawmut Metal Inc

Essay

Shawmut Metal Inc. provided the following partial trial balance for the current year. Prepare a multi-step statement of comprehensive income for the year ended December 31. Shawmut is subject to a 40 % income tax rate.
Shawmut Metal Inc.
Partial Trial Balance (Selected Accounts)
For the Year Ended December 31
$\begin{array}{lr}\text { Accounts } & \text { Debit } &\text { Credit }\\\text { Sales } && \$ 900,000 \\\text { Dividend Income } && 20,000 \\\text { Interest Income } && 1,000 \\\text { Gain on Disposal of Discontinued Operations } && 12,000 \\\text { Unrealized Gain on Available-for-Sale Debt } & \\\text { Investments } & &18,000\\\text { Loss on Disposal of Equipment } & \$ 12,000 \\\text { Loss on Foreign Currency Translation } & 28,000 \\\text { Loss on Discontinued Operations } & 47,000 \\\text { Loss on Asset Impairment } & 16,000 \\\text { Dividends } & 2000\\\text { Cost of Goods Sold } & 350,000 \\\text { Office Supplies Expense - General Expense } & 28,000 \\\text { Sales Salaries Expense } & 90,000 \\\text { Distribution Expenses } & 10,000 \\\text { Accounting and Legal Fees - General Expense } & 9,000\\\text { Advertising Expense } & 33,000 \\\text { Office Salaries Expense - General Expense } & 39,000 \\\text { Depreciation Expense-General Expense } & 31,000 \\\text { Interest Expense } & 6,000\end{array}$