The Trial Balance for Lindor Corporation a Manufacturing Company Prepare a Single Continuous
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Debits Credits Sales revenue 2,580,000 Cost of goods sold 1,530,000 Selling and administrative expense 437,000 Interest expense 53,000 Gain on debt securities 93,000 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. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures. (Round EPS answer to 2 decimal places.)
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Answer from: Anonymous
Prepare a single, continuous multiple-step statement of comprehensive income for 2021 $Sales revenue 2,580,000Less Cost of goods sold (1,530,000)Gross Profit 1,050,000Less ExpensesSelling and administrative expense (437,000) Interest expense (53,000) Gain on debt securities 93,000Profit before tax 653,000Income tax expense at 25% (163,250)Profit for the year after tax 489,750Earnings Per Share (EPS) $0.38Explanation:Note : The Earnings Per Share (EPS) is disclosed on the face of the statement of comprehensive income not in the notes to financial statements as shown above.Earnings Per Share (EPS) = Net Profit Attributable to Holders of Common Stock / Weighted Average Number of Common Stocks = $489,750 / 1,300,000 = $0.3767307 = $0.38 ( 2 decimal places.)
Answer from: Quest
Scarcity means: the state of being scarce or in short supply; shortage. try c because it has the key words "limited supply"
Answer from: Quest
I'm on the same assignment-Is the person above me correct?
Answer from: Quest
1. The adjusting entry for advertisements at March 31 of the current yearGauge Construction Company journal entry1. March 31Dr Advertising expense $1,950 Cr Prepaid advertising $1,950($3,900×3/6)(To record Advertising expense)2. The adjusting entry for the use of construction equipment during of the current year.Gauge Construction Company journal entryDr Depreciation expense $42,400Cr Accumulated depreciation - equipment $42,400(To record equipment expense)3. The amount that should be reported on the current year's income statement for Advertising Expense and Depreciation Expense.Advertising Expense=$3,900×3/6Advertising Expense=$1,950Depreciation Expense=$42,4004. The amount that should be reported on the current year's balance sheet for Prepaid Advertising and Construction Equipment.Prepaid Advertising=$3,900-($3,900×3/6)Prepaid Advertising=$3,900-$1,950Prepaid Advertising=$1,950Construction Equipment=$550,000-($148,800+$42,400)Construction Equipment=$550,000-$191,200Construction Equipment=$358,800Learn more here:
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The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Debits Credits Sales revenue 2,580,000 Cost of goods sold 1,530,000 Selling and administrative expense 437,000 Interest expense 53,000 Gain on debt securities 93,000 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. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures. (Round EPS answer to 2 decimal places.)
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