Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question #2 (45 marks) An excerpt of certain SINGH Inc.s accounts as of / for the year ended December 31, 2021 is presented below. Amount

Question #2 (45 marks)

An excerpt of certain SINGH Inc.s accounts as of / for the year ended December 31, 2021 is presented below.

Amount

Accumulated other comprehensive LOSS, Jan 1, 2021

$ 400

Accrued liabilities

820

Cost of goods sold

10,000

Common shares (10,000 shares outstanding throughout the year)

1,200

Dividends declared preferred shares

150

Dividends declared common shares

450

Gain on sale of equipment

82

General & admin expenses

1,520

Expense error from 2020 (depreciation expense was understated in 2020 by this amount)

620

Loss on writedown of assets of discontinued operation

800

Income tax payable

0

Interest expense

105

Interest revenue

80

Income from the operations of discontinued operations

200

Sales and marketing expenses

800

Preferred shares (400 preferred shares outstanding throughout the year)

640

Retained earnings, Jan 1, 2021

1,400

Sales revenue

17,500

Unrealized gain on investments OCI (other comprehensive. Income)

152

NOTE: All adjusting entries have been prepared EXCEPT for the 2021 income tax entries.

(ie. All numbers above are before tax.) SINGH is subject to a 25% income tax rate.

SINGH follows IFRS.

Please:

Answer a. first, do not copy answers, show calculations for a.

  1. Calculate adjusted income taxes payable at December 31, 2021 for SINGH.
  2. Prepare a multi-step statement of comprehensive income in good form for SINGH Inc. for 2021. (Round all amounts to the nearest dollar.)
  3. Show required earnings per share (EPS) information. (Show these calculations below the statements.)
  4. Prepare the Statement of Changes in Equity in good form for SINGH Inc. for the year ended December 31, 2021.

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

Wiley Federal Government Auditing Laws Regulations Standards And Practices

Authors: Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, David M. Zavada

2nd Edition

1118555856, 978-1118555859

More Books

Students also viewed these Accounting questions