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Current Attempt in Progress The adjusted trial balance for Sunland Paints Ltd. at December 31, 2024, is presented below. Sunland's income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year. Accounts payable Accounts receivable SUNLAND PAINTS LTD. Adjusted Trial Balance December 31, 2024 Accumulated depreciation-building Accumulated depreciation-equipment Accumulated other comprehensive income (loss)-January 1, 2024 Advertising expense Building Cash Debit $39,700 0 8,800 476,000 201,600 Credit $61,174 162,960 27,216

Current Attempt in Progress The adjusted trial balance for Sunland Paints Ltd. at December 31, 2024, is presented below. Sunland's income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year. Accounts payable Accounts receivable SUNLAND PAINTS LTD. Adjusted Trial Balance December 31, 2024 Accumulated depreciation-building Accumulated depreciation-equipment Accumulated other comprehensive income (loss)-January 1, 2024 Advertising expense Building Cash Debit $39,700 0 8,800 476,000 201,600 Credit $61,174 162,960 27,216

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Office expense Other comprehensive income-holding loss on equity investment (before income tax) Retained earnings-January 1, 2024 Sales 12,320 6,048 $1,460,271 39,249 SUNLAND PAINTS LTD. Statement of Comprehensive Income 873,600 $1,460,271 Prepare a statement of comprehensive income using the all-inclusive format. Use a multi-step format for the profit or loss section. (Ignore earnings per share.)
Transcribed Image Text:Office expense Other comprehensive income-holding loss on equity investment (before income tax) Retained earnings-January 1, 2024 Sales 12,320 6,048 $1,460,271 39,249 SUNLAND PAINTS LTD. Statement of Comprehensive Income 873,600 $1,460,271 Prepare a statement of comprehensive income using the all-inclusive format. Use a multi-step format for the profit or loss section. (Ignore earnings per share.)
Cash Cash dividends-common Common shares (20,160 issued) Contributed surplus-reacquisition of common shares Cost of goods sold Depreciation expense Dividends payable Equipment Gain on sale of equipment Income tax expense Income tax payable Interest expense Merchandise inventory Office expense Current Attempt in Progress Accounts payable Accounts receivable SUNLAND PAINTS LTD. Adjusted Trial Balance December 31, 2024 Accumulated depreciation-building Accumulated depreciation-equipment Accumulated other comprehensive income (loss)-January 1, 2024 Advertising expense Building Cash 201,600 Debit 16,800 461,440 32,480 106,400 476,000 93,475 $39,700 12,320 The adjusted trial balance for Sunland Paints Ltd. at December 31, 2024, is presented below. Sunland's income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year. 0 0 8,800 5,208 201,600 285,600 Credit $61,174 162,960 8,400 27,216 1,120 952 0
Transcribed Image Text:Cash Cash dividends-common Common shares (20,160 issued) Contributed surplus-reacquisition of common shares Cost of goods sold Depreciation expense Dividends payable Equipment Gain on sale of equipment Income tax expense Income tax payable Interest expense Merchandise inventory Office expense Current Attempt in Progress Accounts payable Accounts receivable SUNLAND PAINTS LTD. Adjusted Trial Balance December 31, 2024 Accumulated depreciation-building Accumulated depreciation-equipment Accumulated other comprehensive income (loss)-January 1, 2024 Advertising expense Building Cash 201,600 Debit 16,800 461,440 32,480 106,400 476,000 93,475 $39,700 12,320 The adjusted trial balance for Sunland Paints Ltd. at December 31, 2024, is presented below. Sunland's income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year. 0 0 8,800 5,208 201,600 285,600 Credit $61,174 162,960 8,400 27,216 1,120 952 0
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