The trial balance for Lindor Corporation, a manufacturing company, for the year

Question

The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts:

The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 40%. 1.8 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.

Account Title Debits Credits Sales revenue 2,680,000 Cost of goods sold 1,580,000 Selling and administrative expenses 432,000 Interest expense 58,000 Unrealized holding gains on investment securities 98,000

Explanation / Answer

Lindor Corporations Statement of Comprensive Income For the Year Ended December 31, 2018 Particulars Amt.($) Sales Revenue 2,680,000 Less:     Cost of Goods Sold 1,580,000     Selling and administrative expenses       432,000     Interest expense         58,000 Net Income       610,000 Less: Taxes @40%       244,000       366,000 Add: Other Comprehensive Income Unreallized holding gains on investment securities (net of taxes 39,200)         58,800 Comprehensive Income       424,800 Total shares outstanding 1,800,000 EPS              0.24

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

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