100%(11)11 out of 11 people found this document helpful
This preview shows page 2 - 4 out of 5 pages.
Show what Black Panther will report on its 2016 income statement, starting with income before taxes. Also show what Black Panther will report for current and long-term liabilities on its December 31, 2016 balance sheet.Question 3Heimdall Psychics, located in Asgard, reported a number of special items on its income statement. The following data, listed in no particular order, came from Heimdall’s financial statements (amounts in thousands):Income tax expense (savings)Continuing operations$515Discontinued operations56Unrealized gain on derivatives15Short-term investments25Net sales18,300Foreign-currency translation adjustment (gain)320Income from discontinued operations311Dividends declared and paid860Total operating expenses16,250
Prepare the Heimdall Psychics comprehensive income statement for the year ended September 31, 2016. Omit earnings per share.