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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 30% Income tax on all Items (including the divestiture loss). The accounting period end: 31 December. All amounts given are pre-tax and subject to the same Income tax rate. Bremeur had 23,000 shares outstanding at the beginning of the year. On 31 August 20X5, an additional 6,000 shares were issue at the end of 20X5, 29,000 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 claim agains the company Asset impairments, discontinued operation Cost of goods sold $730, 200 89,000 3,800 1,600 3,400 150,000 124,000 85,000 2,900 7,400 11,400 13,400 344,000 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 30% Income tax on all Items (including the divestiture loss). The accounting period end: 31 December. All amounts given are pre-tax and subject to the same Income tax rate. Bremeur had 23,000 shares outstanding at the beginning of the year. On 31 August 20X5, an additional 6,000 shares were issue at the end of 20X5, 29,000 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 claim agains the company Asset impairments, discontinued operation Cost of goods sold $730, 200 89,000 3,800 1,600 3,400 150,000 124,000 85,000 2,900 7,400 11,400 13,400 344,000 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.)

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 items were taken from the adjusted trial balance of the Bremeur Corp. on 31 December 20X5. Assume an average 30% 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 23,000 shares outstanding at the beginning of the year. On 31 August 20x5, an additional 6,000 shares were issued; at the end of 20X5, 29,000 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 claim agains the company Asset impairments, discontinued operation Cost of goods sold $730, 200 89,000 3,800 1,600 3,400 150,000 124,000 85,000 2,900 7,400 11,400 13,400 344,000 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.)
Transcribed Image Text:The following items were taken from the adjusted trial balance of the Bremeur Corp. on 31 December 20X5. Assume an average 30% 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 23,000 shares outstanding at the beginning of the year. On 31 August 20x5, an additional 6,000 shares were issued; at the end of 20X5, 29,000 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 claim agains the company Asset impairments, discontinued operation Cost of goods sold $730, 200 89,000 3,800 1,600 3,400 150,000 124,000 85,000 2,900 7,400 11,400 13,400 344,000 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.) Operating expenses: Total operating expenses Income from operations Other revenues (expenses): Total Other Revenue (Expenses) Income before unusual item, income taxes and discontinued operation Unusual item: Earnings before income taxes and discontinued operation Earnings from continuing operation BREMEUR CORPORATION Income Statement Year Ended 31 December 20X5 (in Canadian dollars) Earnings per share: Continuing operation EPS Discontinued operation EPS Total earnings per share $ $ $ $ 0 0 0 0 0 0 0.00
Transcribed Image Text:2. Prepare a multiple-step income statement. (Round "Earnings per share" answers to 2 decimal places.) Operating expenses: Total operating expenses Income from operations Other revenues (expenses): Total Other Revenue (Expenses) Income before unusual item, income taxes and discontinued operation Unusual item: Earnings before income taxes and discontinued operation Earnings from continuing operation BREMEUR CORPORATION Income Statement Year Ended 31 December 20X5 (in Canadian dollars) Earnings per share: Continuing operation EPS Discontinued operation EPS Total earnings per share $ $ $ $ 0 0 0 0 0 0 0.00
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