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Prepare a multiple-step statement of financial performance for the year ended December 31, 2020, showing expenses by function. Include calculation of EPS. (Round EPS answers to 2 decimal places, e.g. 52.75.)

Prepare a multiple-step statement of financial performance for the year ended December 31, 2020, showing expenses by function. Include calculation of EPS. (Round EPS answers to 2 decimal places, e.g. 52.75.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Current Attempt in Progress Information for 2020 follows for Bramble Corp.: Retained earnings, January 1, 2020 Sales revenue Cost of goods sold Interest income Selling and administrative expenses Unrealized gain on FV-OCI equity investments (gains/losses not recycled) Loss on impairment of goodwill Income tax on continuing operations for 2020 (assume this is correct) Assessment for additional income tax for 2018 (normal, recurring, and not caused by an error) Gain on disposal of FV-NI investments Loss from flood damage Loss on disposal of discontinued division (net of tax of $66,000) Loss from operation of discontinued division (net of tax of $40,250) Dividends declared on common shares Dividends declared on preferred shares $2,020,000 36,800,000 28,734,000 162,000 4,650,000 281,000 494,000 661,400 573,000 103,000 374,000 264,000 161,000 286,500 60,600 Bramble decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dylane Corp. During 2020, there were 500,000 common shares outstanding all year. Bramble's tax rate is 20% on operating income and all gains and losses (use this rate where the tax provisions are not given). Bramble prepares financial statements in accordance with IFRS. Prepare a multiple-step statement of financial performance for the year ended December 31, 2020, showing expenses by function. Include calculation of EPS. (Round EPS answers to 2 decimal places, e.g. 52.75.)
Transcribed Image Text:Current Attempt in Progress Information for 2020 follows for Bramble Corp.: Retained earnings, January 1, 2020 Sales revenue Cost of goods sold Interest income Selling and administrative expenses Unrealized gain on FV-OCI equity investments (gains/losses not recycled) Loss on impairment of goodwill Income tax on continuing operations for 2020 (assume this is correct) Assessment for additional income tax for 2018 (normal, recurring, and not caused by an error) Gain on disposal of FV-NI investments Loss from flood damage Loss on disposal of discontinued division (net of tax of $66,000) Loss from operation of discontinued division (net of tax of $40,250) Dividends declared on common shares Dividends declared on preferred shares $2,020,000 36,800,000 28,734,000 162,000 4,650,000 281,000 494,000 661,400 573,000 103,000 374,000 264,000 161,000 286,500 60,600 Bramble decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dylane Corp. During 2020, there were 500,000 common shares outstanding all year. Bramble's tax rate is 20% on operating income and all gains and losses (use this rate where the tax provisions are not given). Bramble prepares financial statements in accordance with IFRS. Prepare a multiple-step statement of financial performance for the year ended December 31, 2020, showing expenses by function. Include calculation of EPS. (Round EPS answers to 2 decimal places, e.g. 52.75.)
Bramble Corp. Statement of Financial Performance V Items that will not be reclassified subsequently to net income or loss: V $ $ UUU
Transcribed Image Text:Bramble Corp. Statement of Financial Performance V Items that will not be reclassified subsequently to net income or loss: V $ $ UUU
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