The following items were taken from the adjusted trial balance of the Bremeur Corp, on 31 December 20X5. Assume an average 20% income tax on all items (including the divestiture loss). The accounting period ends 31 December. All amounts given are pre-tax and subject to the same income tax rate. Bremeur had 24,000 shares outstanding at the beginning of the year. On 31 August 20x5, an additional 9,000 shares were issued; at the end of 20X5, 33,000 shares were outstanding. Sales revenue from continuing operations Revenue in business segment being discontinued Rent revenue Interest revenue Gain on sale of investments Distribution expenses General and administrative expenses Operating expenses in business segment being discontinued Interest expense Depreciation and amortization Settlement of legal clain against the company Asset impairments, discontinued operation Cost of goods sold $732,700 90,000 3,900 1,650 3,500 BREMEUR CORPORATION Income Statement For Year Ended 31 December 20X5 (in Canadian dollars) 151,000 125,000 85,500 3,000 7,500 11,500 13,500 345,000 Required: 1. Prepare a single-step income statement. (Round "Earnings per share" answers to 2 decimal places. Loss amounts should be indicated by a minus sign.)
The following items were taken from the adjusted trial balance of the Bremeur Corp, on 31 December 20X5. Assume an average 20% income tax on all items (including the divestiture loss). The accounting period ends 31 December. All amounts given are pre-tax and subject to the same income tax rate. Bremeur had 24,000 shares outstanding at the beginning of the year. On 31 August 20x5, an additional 9,000 shares were issued; at the end of 20X5, 33,000 shares were outstanding. Sales revenue from continuing operations Revenue in business segment being discontinued Rent revenue Interest revenue Gain on sale of investments Distribution expenses General and administrative expenses Operating expenses in business segment being discontinued Interest expense Depreciation and amortization Settlement of legal clain against the company Asset impairments, discontinued operation Cost of goods sold $732,700 90,000 3,900 1,650 3,500 BREMEUR CORPORATION Income Statement For Year Ended 31 December 20X5 (in Canadian dollars) 151,000 125,000 85,500 3,000 7,500 11,500 13,500 345,000 Required: 1. Prepare a single-step income statement. (Round "Earnings per share" answers to 2 decimal places. Loss amounts should be indicated by a minus sign.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 3RE: In the current year, Madison Corporation had 50,000 of taxable income at a tax rate of 25%. During...
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![The following items were taken from the adjusted trial balance of the Bremeur Corp. on 31 December 20X5. Assume an average 20%
income tax on all items (including the divestiture loss). The accounting period ends 31 December. All amounts given are pre-tax and
subject to the same income tax rate. Bremeur had 24,000 shares outstanding at the beginning of the year. On 31 August 20X5, an
additional 9,000 shares were issued; at the end of 20X5, 33,000 shares were outstanding.
Sales revenue from continuing operations
Revenue in business segment being discontinued
Rent revenue
Interest revenue
Gain on sale of investments
Distribution expenses
General and administrative expenses
Operating expenses in business segment being discontinued
Interest expense
Depreciation and amortization
Settlement of legal clain against the company
Asset impairments, discontinued operation
Cost of goods sold
$732,700
90,000
3,900
BREMEUR CORPORATION
Income Statement
For Year Ended 31 December 20X5
(in Canadian dollars)
1,650
3,500
151,000
125,000
85,500
3,000
7,500
11,500
3,500
345,000
Required:
1. Prepare a single-step income statement. (Round "Earnings per share" answers to 2 decimal places. Loss amounts should be
indicated by a minus sign.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbfdb6de5-289a-41c6-9573-d2bcf8f29d3b%2F6f30dbe0-2100-46c2-a4e5-ce02a867ec0d%2Fbex1ss5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following items were taken from the adjusted trial balance of the Bremeur Corp. on 31 December 20X5. Assume an average 20%
income tax on all items (including the divestiture loss). The accounting period ends 31 December. All amounts given are pre-tax and
subject to the same income tax rate. Bremeur had 24,000 shares outstanding at the beginning of the year. On 31 August 20X5, an
additional 9,000 shares were issued; at the end of 20X5, 33,000 shares were outstanding.
Sales revenue from continuing operations
Revenue in business segment being discontinued
Rent revenue
Interest revenue
Gain on sale of investments
Distribution expenses
General and administrative expenses
Operating expenses in business segment being discontinued
Interest expense
Depreciation and amortization
Settlement of legal clain against the company
Asset impairments, discontinued operation
Cost of goods sold
$732,700
90,000
3,900
BREMEUR CORPORATION
Income Statement
For Year Ended 31 December 20X5
(in Canadian dollars)
1,650
3,500
151,000
125,000
85,500
3,000
7,500
11,500
3,500
345,000
Required:
1. Prepare a single-step income statement. (Round "Earnings per share" answers to 2 decimal places. Loss amounts should be
indicated by a minus sign.)
![2. Prepare a multiple-step income statement. (Round "Earnings per share" answers to 2 decimal places.)
Sales revenue
Cost of goods sold
Gross margin on sales.
Operating expenses
Total operating expenses
Income from operations.
Other revenues (expenses)
BREMEUR CORPORATION
Income Statement
Year Ended 31 December 20X5
(in Canadian dollars)
$
$
0
0
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbfdb6de5-289a-41c6-9573-d2bcf8f29d3b%2F6f30dbe0-2100-46c2-a4e5-ce02a867ec0d%2F87cetgv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Prepare a multiple-step income statement. (Round "Earnings per share" answers to 2 decimal places.)
Sales revenue
Cost of goods sold
Gross margin on sales.
Operating expenses
Total operating expenses
Income from operations.
Other revenues (expenses)
BREMEUR CORPORATION
Income Statement
Year Ended 31 December 20X5
(in Canadian dollars)
$
$
0
0
4
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