Prepare, in good form, a comprehensive income statement, using a multi-step format and on the basis of functions of expense. No disclosure notes required.
Canada Wheels Ltd. manufactures and sells parts for automobiles. Canada Wheels Ltd. has the following balances in its general ledger on December 31, 2018. (In thousands of Canadian dollars).
The company had 15,000 common shares outstanding throughout this fiscal year. The company did not have any
|
Cost of Sales |
90,000 |
|
Sales Revenue |
143,700 |
|
Interest Expense on L/T Debt |
21,000 |
|
Selling and Administrative expense |
12,000 |
|
Write-off of obsolete inventory |
3,000 |
|
Impairment of tangible capital assets |
1,500 |
|
General Advertising expense |
1,000 |
|
Amortization Expense |
4,000 |
|
Restructuring Cost |
1,200 |
|
Gain on disposal of discontinued segment |
15,000 |
|
Deferred Loss on Pension Funds |
2,500 |
Required: Prepare, in good form, a comprehensive income statement, using a multi-step format and on the basis of functions of expense. No disclosure notes required.
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