The trial balance of Rollins Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Loss on sale of investments Loss on debt investments Gain on projected benefit obligation Cost of goods sold Selling expense Restructuring costs Interest expense General and administrative expense Debits $ 20,000 100,000 3,500,000 300,000 130,000 10,000 200,000 Credits $ 4,900,000 35,000 210,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive ncome. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a 2024 multiple-step income statement for Rollins Incorporated with earnings per share disclosure. Note: Round Earnings per share answer to 2 decimal places.
The trial balance of Rollins Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Loss on sale of investments Loss on debt investments Gain on projected benefit obligation Cost of goods sold Selling expense Restructuring costs Interest expense General and administrative expense Debits $ 20,000 100,000 3,500,000 300,000 130,000 10,000 200,000 Credits $ 4,900,000 35,000 210,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive ncome. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a 2024 multiple-step income statement for Rollins Incorporated with earnings per share disclosure. Note: Round Earnings per share answer to 2 decimal places.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
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