Financial Statement Preparation AE 221 Problem 1: Lutus Company provided the following adjusted trial balance on December 31, 2021: Sales Share of profit of associate Other income Decrease in inventory of finished goods Raw materials and consumables used Employee benefit expense Translation gain on foreign operations Depreciation Impairment loss on property Finance cost Other expenses Income tax expense Unrealized gain on option contract designated as cash flow hedge 9,750,000 150,000 300,000 250,000 3,500,000 1,500,000 300,000 450,000 800,000 350,000 450,000 900,000 200,000 Required: Prepare a single statement of comprehensive income for the year ended December 31, 2021.

Financial Statement Preparation AE 221 Problem 1: Lutus Company provided the following adjusted trial balance on December 31, 2021: Sales Share of profit of associate Other income Decrease in inventory of finished goods Raw materials and consumables used Employee benefit expense Translation gain on foreign operations Depreciation Impairment loss on property Finance cost Other expenses Income tax expense Unrealized gain on option contract designated as cash flow hedge 9,750,000 150,000 300,000 250,000 3,500,000 1,500,000 300,000 450,000 800,000 350,000 450,000 900,000 200,000 Required: Prepare a single statement of comprehensive income for the year ended December 31, 2021.

Name: Financial Statement PreparationAE 221Problem 1: Lutus Company provide
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Description: Financial Statement PreparationAE 221Problem 1: Lutus Company provided the following adjusted trial balance on December 31, 2021:SalesShare of profit of associateOther incomeDecrease in inventory of finished goodsRaw materials and consumables usedEm

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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6. The adjusted trial balance of Lotus Company included the following accounts on December 31, 2020: Sales 9,750,000 150,000 Share of profit of Associate Other Income Decrease in inventory of finished goods Raw materials and consumables used 300,000 250,000 3,500,000 Employee benefit expense Translation gain on foreign operation Depreciation Impairment loss on property Finance Cost 1,500,000 300,000 450,000 800,000 350,000 450,000 900,000 Other Expenses Income tax expense Unrealized gain on option contract designated as cash flow hedge 200,000 Required: Prepare a single statement of comprehensive income for the year ended December 31, 2020.
pls answer the following question
Solve this Income Statement by vertical analysis
For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses: Salaries Expense Rent Expense Advertising Expense Total Selling Expenses Administrative Expenses: Salaries Expense Insurance Expense Rent Expense Deprecaition Expense Total Administrative Expenses Total Operating Expenses Operating Income Other Income and Expenses Sales Discounts Forfeited 125,466 45,167 80,299 2,615 725 3,340 12,543 2,563 1,562 1,253 17,921 21,261 59,038 1,575 (265) Interest Expenses Total Other Income and Expenses Net Income 1,310 57.728 What type of financial statement is this? Statement of Owner's Equity Multiple-step Income Statement Balance Sheet O Single-step Income Statement
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