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Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.)

Prepare a revised single-step statement of comprehensive income. (Round per share 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
Problem 1Q
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(b) Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.) Ayayai Corporation Statement of Comprehensive Income > < > > > $ $
Transcribed Image Text:(b) Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.) Ayayai Corporation Statement of Comprehensive Income > < > > > $ $
Ayayai Corporation was incorporated and began business on January 1, 2023. It has been successful and now requires a bank loan for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2023 using IFRS. The accountant for Ayayai provides you with the following income statement, which Ayayai plans to submit to the bank: Sales revenue Dividend revenue Gain on recovery of earthquake loss (unusual) Unrealized holding gain on FV-OCI equity investments Less: Selling expenses Cost of goods sold Advertising expense Loss on inventory due to decline in net realizable value Loss on discontinued operations Administrative expenses Income before income tax Ayayai Corporation Income Statement Income tax expense Net income $ 126,000 508,000 14,000 34,000 46,000 74,000 $ 852,000 32,000 $ 26,000 6,000 916,000 802,000 114,000 22,800 91,200 Ayayai had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income.
Transcribed Image Text:Ayayai Corporation was incorporated and began business on January 1, 2023. It has been successful and now requires a bank loan for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2023 using IFRS. The accountant for Ayayai provides you with the following income statement, which Ayayai plans to submit to the bank: Sales revenue Dividend revenue Gain on recovery of earthquake loss (unusual) Unrealized holding gain on FV-OCI equity investments Less: Selling expenses Cost of goods sold Advertising expense Loss on inventory due to decline in net realizable value Loss on discontinued operations Administrative expenses Income before income tax Ayayai Corporation Income Statement Income tax expense Net income $ 126,000 508,000 14,000 34,000 46,000 74,000 $ 852,000 32,000 $ 26,000 6,000 916,000 802,000 114,000 22,800 91,200 Ayayai had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income.
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