Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars): Retained earnings, 31 December 20X7 Sales revenue Interest expense Cost of sales Accumulated other comprehensive income, 31 December 20X7 Dividends paid Foreign currency gains and losses on 20x8 transactions Income tax expense Selling and administrative expense Amortization on furniture and fixtures for 20x8 Write-off of obsolete inventory Impairment of tangible capital assets Additional contributed capital Loss on redemption of long-term debt Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for 20x8, net of $184 income tax Debit $ 900 9,200 3,200 1,720 4,600 1,650 650 1,090 790 676 Credit $52,000 30,000 1,950 4,200 26,000 Required: Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars):
Debit
Retained earnings, 31 December 20X7
Sales revenue
Interest expense
Cost of sales
Accumulated other comprehensive income, 31 December 20X7
Dividends paid
Foreign currency gains and losses on 20x8 transactions.
Income tax expense
Selling and administrative expense
Amortization on furniture and fixtures for 20x8
Write-off of obsolete inventory
Impairment of tangible capital assets
Additional contributed capital
Loss on redemption of long-term debt
Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for
20x8, net of $184 income tax
ACRIMONY LIMITED
Statement of Comprehensive Income
Year ended 31 December 20X8
(thousands of Canadian dollars)
Contribution margin on sales
Operating expenses:
$ 900
9,200
3,200
1,720
4,600
1,650
650
1,090
Required:
Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar.)
Other income (expense):
790
676
Required.
Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole t
Other Comprehensive Income
Credit
$52,000
30,000
1,950
4,200
26,000
Transcribed Image Text:Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars): Debit Retained earnings, 31 December 20X7 Sales revenue Interest expense Cost of sales Accumulated other comprehensive income, 31 December 20X7 Dividends paid Foreign currency gains and losses on 20x8 transactions. Income tax expense Selling and administrative expense Amortization on furniture and fixtures for 20x8 Write-off of obsolete inventory Impairment of tangible capital assets Additional contributed capital Loss on redemption of long-term debt Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for 20x8, net of $184 income tax ACRIMONY LIMITED Statement of Comprehensive Income Year ended 31 December 20X8 (thousands of Canadian dollars) Contribution margin on sales Operating expenses: $ 900 9,200 3,200 1,720 4,600 1,650 650 1,090 Required: Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar.) Other income (expense): 790 676 Required. Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole t Other Comprehensive Income Credit $52,000 30,000 1,950 4,200 26,000
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