Exercise 4 - 4 (Algo) Multiple - step continuous statement of comprehensive income [LO 4-1, 4-6] The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024, included the following accounts: Account Title Debits Credits Sales revenue $ 2,680,000 Cost of goods sold $ 1,580,000 Selling and administrative expense 432,000 Interest expense 58,000 Gain on debt securities 98, 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%. Required: Prepare a single, continuous multiple - step statement of comprehensive income.

Exercise 4 - 4 (Algo) Multiple - step continuous statement of comprehensive income [LO 4-1, 4-6] The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024, included the following accounts: Account Title Debits Credits Sales revenue $ 2,680,000 Cost of goods sold $ 1,580,000 Selling and administrative expense 432,000 Interest expense 58,000 Gain on debt securities 98, 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%. Required: Prepare a single, continuous multiple - step statement of comprehensive income.

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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* Question Completion Status: 1. 4 6 7 8 10 11 12 Presented below are selected account balances for DEF Corporation as of December 31, 2021. (All accounts have their normal balances) Inventory 12/31/21 $65,000 Cost of Goods Sold $230,000 Sales Revenue 450,000 Selling Expenses 26,000 Interest Revenue 10,000 Administrative Expenses 28,000 Dividends 20,000 Income Tax Expense 20,000 Common Stock 70,000 Retained Earnings 48,000 Rent Revenue 13,000 Allowance for Doubtful Accounts 11,000 Accounts Receivables 88,000 Rent Expense 16,000 Instructions: Prepare the necessary closing entries for DEF Corporation on December 31, 2021. Select and copy the table below to answer in the space provided. Account Description Debit Credit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit
Revenues: Zillinga Pte Ltd Income Statement Year Ended December 31, 2021 Sales revenue Dividend revenue 8,000 239,000 Cost of goods sold 102,000 Salary expense 48,000 Depreciation expense 28,000 13,000 Advertising expense Income tax expense Interest expense 11,000 3,000 205,000 Net income 34,000 Additional data follow: a. Collections from customers are $15,500 more than sales. b. Dividend revenue, interest expense, and income tax expense equal their cash amounts. c. Payments to suppliers are the sum of cost of goods sold plus advertising expense. d. Payments to employees are $1,000 more than salaries expense. e. Cash payment for the acquisition of plant assets is $102,000. f. Cash receipts from sale of land total $24,000. g. Cash receipts from issuance of common stock total $32,000. h. Payment of long-term notes payable is $17,000. i. Payment of dividends is $10,500. j. Cash balance at 31 December, 2020, was $25,000; at 31 December, 2021, it was $28,000. Required: a) Prepare Zillinga's…
ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 55,000 $ 152,000 $ 451,000 $ 12,000 $ 356,000 $ 8,000 $ 35,000 Beginning of Year $ 83,000 $184,000 $ 343,000 $ 14,000 $ 400,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) +
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Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, 2 units 30 Bal., 4,400 units, 80% completed Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost…
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Question Content Area Hsu Company reported the following on its income statement: Income before income taxes $325,364 Income tax expense 97,609 Net income $227,755 Interest expense was $73,540. Hsu Company's times interest earned ratio (rounded to two decimal places) is a.4.42 times b.3.1 times c.2.1 times d.5.42 times
Problem 1 LAKELAND Company has Sales of $2,250,000. The cost of goods sold for the year were 65% of Sales and Company's year-end balance sheets is shown below : Assets LAKELAND Company Balance Sheet 2021 Cash Accounts receivable Marketable securities Inventories Plant and Equipment Total Assets (100%)... $1,000,000 For the year ended December 31, 2021, assume all sales are on credit, and 360 days per year. Required to Compute the following Ratio: 5% 27% 8% 25% 35% Required: 1. Current ratio. 2. Quick ratio. 3. Debt-to-total assets ratio. 4. Assets turnover. 5. Inventory turnover. Liabilities and Stockholders' Equity Accounts payable Accrued taxes = 23% 8% 12% 12% 20% 25% Bond payable (long term) Common Stock Paid- in- Capital Retained Earning Total Liabilities and SOE (100%)... $1,000,000 Problem 2 Assume that you need to borrow $180,000 from local bank to invested on the department store and consider a 2 years loan with Semiannual payment with the interest rate 8% per year. a. What is…
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