a newconnect.mheducation.com Chapter 4-Part I Week 3 (Sep 10-S. Student Dashboar

Question

a newconnect.mheducation.com Chapter 4-Part I Week 3 (Sep 10-S. Student Dashboar Parti Saved The trial balance for Lindor Corporation, a manufacturing company, for the year end December 31, 2016, included the following income accounts: Account Title Debits Credits 2,660,000 Sales revenue Cost of goods sold Selling and administrative expenses Interest expense Unrealized holding gains on investment securities 1,570,000 433,000 57,000 97,000 The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 30%, 1.7 million shares of common stock were outstanding throughout 2016 ces Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2016, including appropriate EPS disclosures. (Round EPS answers to 2 decimal places.) LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2016

Explanation / Answer

LINDOR CORPORATION Statement of Comprehensive Income For the year ended December 31,2016 Sales revenue     2,660,000 Cost of goods sold     1,570,000 Gross profit     1,090,000 Operating expenses      Selling and administrative expenses        433,000 Operating income        657,000 Other income (expense)      Interest expense        (57,000) Income before income taxes        600,000 Income tax expense        180,000 Net income        420,000 Other comprehensive income Unrealized holding gains on investment securities, net of tax (97,000*(100%-30%))          67,900 Comprehensive income        487,900 Earnings per share: Net income (420,000/17,00,000)              0.25

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.