Lexan Company Reported the Following for the Year Ended December

question 20

Multiple Choice

Lexan Company reported the following for the year ended December 31,2014 (all items are net of income taxes) :

Comprehensive income (loss) for the year ended December 31,2014,would be

• A)($74).
• B)$1,226.
• C)$1,426.
• D)$126.

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Definitions:

Cash Sales

Transactions in which payment for goods or services is made at the time of sale, typically in cash form.

Manufacturing Costs

Costs associated with the production of goods, including direct materials, direct labor, and manufacturing overhead.

Insurance Expense

The cost incurred by a business for insurance policies to protect against various risks.

Property Tax

A tax assessed on real estate by the local government, based on the property's value.