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1-the adjusted trial balance for Sandhill Paints Ltd. at December 31,2024 is presented below. Sandhill's income tax rate is 25% and journal entries for income
1-the adjusted trial balance for Sandhill Paints Ltd. at December 31,2024 is presented below. Sandhill's income tax rate is 25% and journal entries for income tax expense have not yet been repared. There were no common share transactions during the year.
2- Prepare a statement of comprehensive income using the all inclusive format. Use multi-step format for the profir or loss section
3-Prepare a statement of changes in shareholders equity
SANDHILL PAINTS LTD. Adjusted Trial Balance December 31, 2024 Accounts payable $63,359 Accounts receivable $41,100 Accumulated depreciation-building 168,780 Accumulated depreciation-equipment 28,188 Accumulated other comprehensive income (loss)-January 1, 2024 0 Advertising expense 9,100 Building 493,000 Cash 208,800 Cash dividends-common 17,400 Common shares (20,880 issued) 295,800 Contributed surplus-reacquisition of common shares 8,700 Cost of goods sold 477,920 Depreciation expense 33,640 Dividends payable 1,160 Equipment 110,200 Gain on sale of equipment 986 Income tax expense 0 Income tax payable 0 Interest expense Merchandise inventory 96,814 Office expense 12,760 Prepare a statement of comprehensive income using the all-inclusive format. Use a multi-step format for the profit or loss section. (Ignore earnings per share.)
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