1. Prepare a multi-step statement of fiancial performance for 2020 showing expenses by function. Ignore calculation of EPS.2. Prepared a retained earnings section of the statement of changes in equity for 2020.3. Prepare a journal entry to record the depreciation expense omitted by mistake in 2019. The following is information for Bridgeport Corp. for the year ended December 31, 2020:Sales revenueUnrealized gain on FV-OCI equityinvestmentsInterest incomeCost of goods soldSelling expensesAdministrative expensesDividend revenue$1,180,00043,0009,000708,00059,00049,00016,000Loss on inventory due to decline in net realizable valueLoss on disposal of equipmentDepreciation expense related to buildings omitted bymistake in 2019Retained earnings at December 31, 2019Loss from expropriation of landDividends declared$77,00045,00058,000940,00064,00048,000The effective tax rate is 20% on all items. Bridgeport prepares financial statements in accordance with IFRS. The FV-OCI equityinvestments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.

Statement of Financial Performance consists of Balance Sheet, Income Statement and Cash Flow…

Prepare a multi-step statement of fiancial performance for 2020 showing expenses by function. Ignore calculation of EPS. 2. Prepared a retained earnings section of the statement of changes in equity for 2020. 3. Prepare a journal entry to record the depreciation expense omitted by mistake in 2019.

Prepare a multi-step statement of fiancial performance for 2020 showing expenses by function. Ignore calculation of EPS. 2. Prepared a retained earnings section of the statement of changes in equity for 2020. 3. Prepare a journal entry to record the depreciation expense omitted by mistake in 2019.

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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