The following information was taken from the records of Sheffield SA for the year 2022: Income tax applicable to income from continuing operations R$133.600; income tax applicable to loss on discontinued operations R$28,400, and unrealized holding gain on equity securities designated at fair value through other comprehensive income R$ 16,800. Gain on sale of plant assets Loss on discontinued operations Administrative expenses Rent revenue Loss on impairment of land R$108.000 84,000 272,000 48,000 67,200 Cash dividends declared Retained earnings January 1, 2022 Cost of goods sold Selling expereses Sales revenue Ordinary shares outstanding during 2022 were 100,000. R$168,000 672,000 952,000 336,000 1,904,000
The following information was taken from the records of Sheffield SA for the year 2022: Income tax applicable to income from continuing operations R$133.600; income tax applicable to loss on discontinued operations R$28,400, and unrealized holding gain on equity securities designated at fair value through other comprehensive income R$ 16,800. Gain on sale of plant assets Loss on discontinued operations Administrative expenses Rent revenue Loss on impairment of land R$108.000 84,000 272,000 48,000 67,200 Cash dividends declared Retained earnings January 1, 2022 Cost of goods sold Selling expereses Sales revenue Ordinary shares outstanding during 2022 were 100,000. R$168,000 672,000 952,000 336,000 1,904,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please do not give solution in image format thanku
Transcribed Image Text:requirments:
a: Prepare a comprehensive income statment
for 2022 using the one statement approach
b: Prepare a retained earnings statement for
2022
Transcribed Image Text:The following information was taken from the records of Sheffield SA for the year 2022: Income tax applicable to income from
continuing operations R$133,600: income tax applicable to loss on discontinued operations R$28,400, and unrealized holding gain on
equity securities designated at fair value through other comprehensive income R$ 16,800.
Gain on sale of plant assets
Loss on discontinued operations
Administrative expenses
Rent revenue
Loss on impairment of land
R$108.000
84,000
272,000
48,000
67,200
Cash dividends declared
Retained earnings January 1, 2022
Cost of goods sold
Selling experses
Sales revenue
Ordinary shares outstanding during 2022 were 100,000.
R$168,000
672,000
952.000
336,000
1,904,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education