The trial balance for Lindor Corporation, a manufacturing company, for the year
ID: 2397426 • Letter: T
Question
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts: Credits 2,300,000 Account Title Sales revenue Cost of goods sold Selling and administrative expenses Interest expense Unrealized holding gains on investment securities Debits 1,400,000 420,000 40,000 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 2018. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2018, including appropriate EPS disclosures. Round EPS answer to 2 decimal places.) LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2018Explanation / Answer
LINDOR CORPORATION
Statement of Comprehensive Income
For the Year ended December 31, 2018
Sales Revenue
$ 2,300,000.00
Less: Cost of Goods Sold
$ 1,400,000.00
Gross Profit
$ 900,000.00
Operating expenses
Selling and Administrative Expenses
$ 420,000.00
Operating Profit
$ 480,000.00
Other Incomes
Gains on Investment Securities
$ 80,000.00
Other Expenses
Interest Expense
$ 40,000.00
Profit Before Tax
$ 520,000.00
Tax Expense
$ 156,000.00
Net Profit after Tax
$ 364,000.00
Number of shares Outstanding
1000000
Earning Per Share
$ 0.36
LINDOR CORPORATION
Statement of Comprehensive Income
For the Year ended December 31, 2018
Sales Revenue
$ 2,300,000.00
Less: Cost of Goods Sold
$ 1,400,000.00
Gross Profit
$ 900,000.00
Operating expenses
Selling and Administrative Expenses
$ 420,000.00
Operating Profit
$ 480,000.00
Other Incomes
Gains on Investment Securities
$ 80,000.00
Other Expenses
Interest Expense
$ 40,000.00
Profit Before Tax
$ 520,000.00
Tax Expense
$ 156,000.00
Net Profit after Tax
$ 364,000.00
Number of shares Outstanding
1000000
Earning Per Share
$ 0.36
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