The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities Gross profit Operating expenses The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%. There were 1,300,000 shares of common stock outstanding throughout 2021. LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2021 Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures. (Round EPS answer to 2 decimal places.) Operating income Other income (expense) Income before income taxes Debits 1,530,000 437,000 53,000 Net income Other comprehensive income (net of tax) Credits 2,580,000 Comprehensive income Earnings per share: 93,000
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities Gross profit Operating expenses The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%. There were 1,300,000 shares of common stock outstanding throughout 2021. LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2021 Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures. (Round EPS answer to 2 decimal places.) Operating income Other income (expense) Income before income taxes Debits 1,530,000 437,000 53,000 Net income Other comprehensive income (net of tax) Credits 2,580,000 Comprehensive income Earnings per share: 93,000
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4PB: Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts...
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