The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 160,000 6,100,000 600,000 500,000 30,000 500,000 Credits $ 8,200,000 60,000 120,000 140,000 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 3 decimal places.

The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 160,000 6,100,000 600,000 500,000 30,000 500,000 Credits $ 8,200,000 60,000 120,000 140,000 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 3 decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024:
Sales revenue
Interest revenue
Gain on sale of investments
Gain on debt securities
Loss on projected benefit obligation
Cost of goods sold
Selling expense
Goodwill impairment loss
Interest expense
General and administrative expense
Debits
$ 160,000
6,100,000
600,000
500,000
30,000
500,000
Credits
$ 8,200,000
60,000
120,000
140,000
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 3 decimal places.

Gross profit
Operating expenses:
Selling expense
KROEGER INCORPORATED
Statement of Comprehensive Income
For the Year Ended December 31, 2024
Total operating expenses
Operating income
Other income (expense):
Total other income, net
Income before income taxes
Other comprehensive income (net of tax):
Total other comprehensive income (loss)
Comprehensive income
Earnings per share
0
0
0
0

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