The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Debits Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Credits $ 8,390,000 51,000 111,000 135,500 Loss on projected benefit obligation Cost of goods sold $ 151,000 6,199,000 Selling expense 790,000 Goodwill impairment loss Interest expense 545,000 21,000 General and administrative expense 410,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: * Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format. Note: Round earnings per share answer to 2 decimal places. Sales revenue Cost of goods sold KROEGER INCORPORATED Statement of Comprehensive Income For the Year Ended December 31, 2024 $ 8,390,000 (6,199,000) Prev 14 of 40 Next > pe here to search O COMEN
The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Debits Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Credits $ 8,390,000 51,000 111,000 135,500 Loss on projected benefit obligation Cost of goods sold $ 151,000 6,199,000 Selling expense 790,000 Goodwill impairment loss Interest expense 545,000 21,000 General and administrative expense 410,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: * Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format. Note: Round earnings per share answer to 2 decimal places. Sales revenue Cost of goods sold KROEGER INCORPORATED Statement of Comprehensive Income For the Year Ended December 31, 2024 $ 8,390,000 (6,199,000) Prev 14 of 40 Next > pe here to search O COMEN
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The trial balance of Kroeger Incorporated included the following accounts as of
December 31, 2024:
Debits
Sales revenue
Interest revenue
Gain on sale of investments
Gain on debt securities
Credits
$ 8,390,000
51,000
111,000
135,500
Loss on projected benefit obligation
Cost of goods sold
$ 151,000
6,199,000
Selling expense
790,000
Goodwill impairment loss
Interest expense
545,000
21,000
General and administrative expense
410,000
The gain on debt securities represents the increase in the fair value of debt securities
and is classified a component of other comprehensive income. Kroeger had 300,000
shares of stock outstanding throughout the year. Income tax expense has not yet been
recorded. The effective tax rate is 25%.
Required:
*
Prepare a 2024 single, continuous statement of comprehensive income for Kroeger
Incorporated. Use a multiple-step income statement format.
Note: Round earnings per share answer to 2 decimal places.
Sales revenue
Cost of goods sold
KROEGER INCORPORATED
Statement of Comprehensive Income
For the Year Ended December 31, 2024
$ 8,390,000
(6,199,000)
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