Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please I need this asap The trial balance of Kroeger Inc. Included the following accounts as of December 31, 2021 Debits Credits 8,320,000 58,000 118,000

please I need this asap
image text in transcribed
image text in transcribed
The trial balance of Kroeger Inc. Included the following accounts as of December 31, 2021 Debits Credits 8,320,000 58,000 118,000 139,000 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 expenso 158,000 6,122,000 720,000 510,000 28,000 480,000 27 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 shores of stock outstanding throughout the year Income tax expense has not yet been recorded. The effective tax rate is 25% Required: Prepare a 2021 single, continuous statement of comprehensive income for Kroeger Inc. Use a multiple-step income statement format. (Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.) KROEGER INC. Statement of Comprehensive Income For the Year Ended December 31, 2021 Sales revenue Cost of goods sold Greenit Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense General and administrative expense Goodwill impairment loss 0 0 Total operating expenses Operating income Other income (expense): 0 0 Total other income, net Income before income taxes 0 Net income (loss) Other comprehensive income (net of tax): Total other comprehensive income (loss) Comprehensive income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

11th Edition

111856667X, 978-1118566671

More Books

Students also viewed these Accounting questions