The trial balance for Lindor Corporation, a manufacturing company, for the year
ID: 2372316 • Letter: T
Question
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2013, included the following income accounts:
Account Title Debits Credits
Sales revenue 2,300,000
Gain on litigation settlement (unusual and infrequent) 400,000
Cost of goods sold 1,400,000
Selling and administrative expenses 420,000
Interest expense 40,000
Unrealized holding gains on investment securities 80,000
The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 30%. One million shares of common stock were outstanding throughout 2013.
Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2013, including appropriate EPS disclosures.
Explanation / Answer
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