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The following information was taken from the accounting records of Lumber Inc. at December 31, 2023. Lumber Inc. follows IFRS. Assume a tax rate of 30%. How much is the total comprehensive income on the statement of comprehensive income by function for the current year? Line Item Amount Common shares, 40,000 outstanding on January 1, 2023 $400,000 Common shares, 50,000 outstanding on December 31, 2023 500,000 Cost of goods sold 352,000 Dividends paid 40,000 Gain on sale of assets 8,000 Selling expenses 165,000 Administrative expenses 70,000 Interest expense 9,000 Income from operating discontinued operations 7,500 Gain on sale of discontinued operations 51,000 Prior year error-debit to retained earnings 9,500 Retained earnings, January 1, 2023 (prior to adjustment) 475,000 Sales revenue 810,000 Select one: a. $222,000 b. $196, 350 c. $155, 400 d. $40,950

The following information was taken from the accounting records of Lumber Inc. at December 31, 2023. Lumber Inc. follows IFRS. Assume a tax rate of 30%. How much is the total comprehensive income on the statement of comprehensive income by function for the current year? Line Item Amount Common shares, 40,000 outstanding on January 1, 2023 $400,000 Common shares, 50,000 outstanding on December 31, 2023 500,000 Cost of goods sold 352,000 Dividends paid 40,000 Gain on sale of assets 8,000 Selling expenses 165,000 Administrative expenses 70,000 Interest expense 9,000 Income from operating discontinued operations 7,500 Gain on sale of discontinued operations 51,000 Prior year error-debit to retained earnings 9,500 Retained earnings, January 1, 2023 (prior to adjustment) 475,000 Sales revenue 810,000 Select one: a. $222,000 b. $196, 350 c. $155, 400 d. $40,950

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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The following information was taken from the accounting records of Lumber Inc. at December 31, 2023. Lumber Inc. follows IFRS. Assume a tax rate of 30%. How much is the total comprehensive income on the statement of comprehensive income by function for the current year? Line Item Amount Common shares, 40,000 outstanding on January 1, 2023 $400,000 Common shares, 50,000 outstanding on December 31, 2023 500,000 Cost of goods sold 352,000 Dividends paid 40,000 Gain on sale of assets 8,000 Selling expenses 165,000 Administrative expenses 70,000 Interest expense 9,000 Income from operating discontinued operations 7,500 Gain on sale of discontinued operations 51,000 Prior year error-debit to retained earnings 9,500 Retained earnings, January 1, 2023 (prior to adjustment) 475,000 Sales revenue 810,000 Select one: a. $222,000 b. $196,350 c. $155,400 d. $40,950
Transcribed Image Text:The following information was taken from the accounting records of Lumber Inc. at December 31, 2023. Lumber Inc. follows IFRS. Assume a tax rate of 30%. How much is the total comprehensive income on the statement of comprehensive income by function for the current year? Line Item Amount Common shares, 40,000 outstanding on January 1, 2023 $400,000 Common shares, 50,000 outstanding on December 31, 2023 500,000 Cost of goods sold 352,000 Dividends paid 40,000 Gain on sale of assets 8,000 Selling expenses 165,000 Administrative expenses 70,000 Interest expense 9,000 Income from operating discontinued operations 7,500 Gain on sale of discontinued operations 51,000 Prior year error-debit to retained earnings 9,500 Retained earnings, January 1, 2023 (prior to adjustment) 475,000 Sales revenue 810,000 Select one: a. $222,000 b. $196,350 c. $155,400 d. $40,950
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