Qualicom Inc.'s information for the fiscal year ended March 31, 2020 is below:
Gain on Sale of Equipment
6,000
Interest Expense
34,000
Interest Income
19,000
Gain from disposal of discontinued operations (before tax)
80,000
Income from operations of discontinued operations (before tax)
10,000
Loss - Other (due to break-in)
15,000
Administrative Expenses:
$180,000
Cost of Goods Sold
510,000
Loss on Sale of Building
4,000
Marketing and General Expenses
103,000
Retained Earnings
652,000
Sales Revenue
1,002,000
Unrealized Gain on Revaluation of Investments (FV-OCI)
46,000
The tax rate for income from continuing operations and income/gains from discontinued operations is 30%.
Required: Prepare a multiple-step Statement of Comprehensive Income for Qualicom Inc. for the fiscal year ended March 31, 2020 showing expenses by function. (17 Marks)
