The accountant of Crane Shoe has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2022. Rent revenue £ 23,200 Interest expense 14,400 Unrealized gain on equity securities designated at fair value through other comprehensive income, net of tax 24,800 Selling expenses 112,000 Income tax 24,480 Administrative expenses 144,800 Cost of goods sold 412,800 Net sales 784,000 Cash dividends declared 12,800 Loss on sale of plant assets 12,000
The accountant of Crane Shoe has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2022. Rent revenue £ 23,200 Interest expense 14,400 Unrealized gain on equity securities designated at fair value through other comprehensive income, net of tax 24,800 Selling expenses 112,000 Income tax 24,480 Administrative expenses 144,800 Cost of goods sold 412,800 Net sales 784,000 Cash dividends declared 12,800 Loss on sale of plant assets 12,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The accountant of Crane Shoe has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2022.
There were 20,000 ordinary shares outstanding during the year.
| Rent revenue | £ 23,200 | |
| Interest expense | 14,400 | |
| Unrealized gain on equity securities designated at fair | ||
| value through other comprehensive income, net of tax | 24,800 | |
| Selling expenses | 112,000 | |
| Income tax | 24,480 | |
| Administrative expenses | 144,800 | |
| Cost of goods sold | 412,800 | |
| Net sales | 784,000 | |
| Cash dividends declared | 12,800 | |
| Loss on sale of plant assets | 12,000 |
There were 20,000 ordinary shares outstanding during the year.
(a)
Prepare a comprehensive income statement using the combined statement approach. (Round earnings per share to 2 decimal places, e.g. 1.48.)
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CRANE SHOE
Statement of Comprehensive Income choose the accounting period |
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enter an income statement item
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£ enter a pound amount
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enter an income statement item
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enter a pound amount
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select a summarizing line for the first part
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enter a total amount for the first part
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enter an income statement item
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£ enter a pound amount
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enter an income statement item
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enter a pound amount
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enter a subtotal of the two previous amounts
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select an opening name for section one
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enter an income statement item
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enter a pound amount
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enter an income statement item
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enter a pound amount
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enter a subtotal of the two previous amounts
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select a summarizing line for the second part
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enter a total amount for the second part
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enter an income statement item
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enter a pound amount
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select a summarizing line for the third part
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enter a euro amount
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enter an income statement item
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enter a pound amount
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select a summarizing line for the fourth part
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enter a total amount for all four parts
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select an opening name for section two
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enter an income statement item
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enter a pound amount
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select a closing name for this statement
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£ enter a total amount for this statement
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select an income statement item
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£ enter a pound amount rounded to 2 decimal places
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