The trial balance for Lindor Corporation, a manufacturing company, for the year endedDecember 31, 2024, included the following accounts:Account TitleSales revenueCost of goods soldSelling and administrative expenseInterest expenseGain on debt securitiesGross profitOperating expenses:Required:Prepare a single, continuous multiple-step statement of comprehensive income.LINDOR CORPORATIONStatement of Comprehensive IncomeFor the Year Ended December 31, 2024The gain on debt securities is unrealized and classified as other comprehensive income. Thetrial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%.Operating incomeOther income (expense):Income before income taxesNet incomeOther comprehensive income (net of tax):DebitsComprehensive income$ 1,590,000431,00059,000$000Credits$ 2,700,000099,000

Gross profit:- sales- cost of goods soldcomprehensive income =$539,250

he trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024, included the following accounts: Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities Debits $ 1,590,000 431,000 59,000 equired: Credits $ 2,700,000 99,000 he gain on debt securities is unrealized and classified as other comprehensive income. The ial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%.

he trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024, included the following accounts: Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities Debits $ 1,590,000 431,000 59,000 equired: Credits $ 2,700,000 99,000 he gain on debt securities is unrealized and classified as other comprehensive income. The ial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%.

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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