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I got most of it but i'm now stuck on everything that is blank Joe Schreiner, controller for Flint Company Inc., recently prepared the company's
I got most of it but i'm now stuck on everything that is blank
Joe Schreiner, controller for Flint Company Inc., recently prepared the company's income statement and statement of changes in equity for 2020. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting. $ 356,000 192,000 164,000 FLINT COMPANY INC. Income Statement For the Year Ended December 31, 2020 Sales revenues Cost of goods sold Gross profit Selling expenses 43,110 Administrative expenses 30,000 Income before income tax Other revenues and gains Unrealized gain on FV-OCl equity investments Dividend revenue 73,110 90,890 37,000 41,000 168,890 50,667 $ 118,223 Income tax expense Net income $ 219,000 FLINT COMPANY INC. Excerpt from Statement of Changes in Equity For the Year Ended December 31, 2020 Retained earnings, January 1, 2020 Add: Net income for 2020 $ 118,223 Gain on disposal of long-term investments 30,100 $ 148,323 Deduct: Loss on expropriation 11,200 Correction of mathematical error (net of tax) 14,758 (25,958) Retained earnings, December 31, 2020 122,365 $ 341,365 Assume that Flint Company follows IFRS. Assume that investments are accounted for as FV-OCl equity investments with gains/losses not recycled through net income. Prepare a statement of financial performance showing expenses by function. Ignore calculation of EPS. (Round answers to O decimal places, e.g. 5,275. Round tax rate to 4 decimal places, e.g. 52.7525%.) FLINT COMPANY INC. Statement of Comprehensive Income For the Year Ended December 31, 2020 Sales Revenues 356000 Cost of Goods SoldStep by Step Solution
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