Question
The adjusted trial balance for Blossom Paints Ltd. at December 31, 2021, is presented below. Blossoms income tax rate is 25% and journal entries for
The adjusted trial balance for Blossom Paints Ltd. at December 31, 2021, is presented below. Blossoms income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year. BLOSSOM PAINTS LTD. Adjusted Trial Balance December 31, 2021 Debit Credit Accounts payable $65,544 Accounts receivable $42,500 Accumulated depreciationequipment 29,160 Accumulated depreciationbuilding 174,600 Accumulated other comprehensive income (loss)January 1, 2021 0 Advertising expense 9,400 Building 510,000 Cash 216,000 Cash dividendscommon 18,000 Common shares (21,600 issued) 306,000 Contributed surplusreacquisition of common shares 9,000 Cost of goods sold 494,400 Depreciation expense 34,800 Dividends payable 1,200 Equipment 114,000 Gain on sale of equipment 1,020 Income tax expense 0 Income tax payable 0 Interest expense 5,580 Merchandise inventory 100,152 Office expense 13,200 Other comprehensive incomeholding loss on equity investment (before income tax) 6,480 Retained earningsJanuary 1, 2021 41,988 Sales 936,000 $1,564,512 $1,564,512
Prepare a statement of comprehensive income using the all-inclusive format. (Ignore earnings per share.)
BLOSSOM PAINTS LTD. Statement of Comprehensive Income December 31, 2021Year Ended December 31, 2021Month Ended December 31, 2021 | ||
Profit / (Loss)Profit from OperationsCost of Goods SoldOperating ExpensesSalesProfit Before Income TaxesOther ExpensesComprehensive IncomeOther Comprehensive IncomeOther RevenuesGross Profit | $ | |
Gross ProfitOther Comprehensive IncomeOther ExpensesOther RevenuesSalesComprehensive IncomeProfit / (Loss)Profit Before Income TaxesOperating ExpensesProfit from OperationsCost of Goods Sold | ||
Other Comprehensive IncomeOther RevenuesProfit Before Income TaxesProfit / (Loss)SalesProfit from OperationsGross ProfitOperating ExpensesComprehensive IncomeOther ExpensesCost of Goods Sold | ||
Gross ProfitOther Comprehensive IncomeOperating ExpensesComprehensive IncomeProfit from OperationsCost of Goods SoldOther RevenuesOther ExpensesProfit / (Loss)SalesProfit Before Income Taxes | ||
Interest ExpenseHolding Gain on Equity InvestmentIncome Tax ExpenseLoss on Disposal of EquipmentHolding Loss on Equity InvestmentGain on Disposal of EquipmentDepreciation ExpenseOffice ExpenseAdvertising Expense | $ | |
Interest ExpenseHolding Loss on Equity InvestmentIncome Tax ExpenseAdvertising ExpenseLoss on Disposal of EquipmentHolding Gain on Equity InvestmentDepreciation ExpenseOffice ExpenseGain on Disposal of Equipment | ||
Depreciation ExpenseHolding Gain on Equity InvestmentHolding Loss on Equity InvestmentGain on Disposal of EquipmentInterest ExpenseOffice ExpenseIncome Tax ExpenseLoss on Disposal of EquipmentAdvertising Expense | ||
Profit from OperationsCost of Goods SoldOther Comprehensive IncomeOperating ExpensesProfit / (Loss)SalesProfit Before Income TaxesGross ProfitOther ExpensesComprehensive IncomeOther Revenues | ||
Cost of Goods SoldOperating ExpensesGross ProfitProfit Before Income TaxesOther ExpensesOther Comprehensive IncomeProfit from OperationsComprehensive IncomeProfit / (Loss)Other RevenuesSales | ||
Gain on Disposal of EquipmentIncome Tax ExpenseHolding Loss on Equity InvestmentDepreciation ExpenseLoss on Disposal of EquipmentInterest ExpenseHolding Gain on Equity InvestmentOffice ExpenseAdvertising Expense | ||
Comprehensive IncomeSalesCost of Goods SoldOther Comprehensive IncomeOther RevenuesProfit Before Income TaxesProfit from OperationsGross ProfitOperating ExpensesOther ExpensesProfit / (Loss) | ||
Depreciation ExpenseAdvertising ExpenseHolding Gain on Equity InvestmentInterest ExpenseGain on Disposal of EquipmentIncome Tax ExpenseLoss on Disposal of EquipmentHolding Loss on Equity InvestmentOffice Expense | ||
Other ExpensesProfit / (Loss)Other Comprehensive IncomeOperating ExpensesOther RevenuesCost of Goods SoldComprehensive IncomeProfit Before Income TaxesGross ProfitSalesProfit from Operations | ||
Gain on Disposal of EquipmentDepreciation ExpenseIncome Tax ExpenseLoss on Disposal of EquipmentInterest ExpenseHolding Loss on Equity InvestmentHolding Gain on Equity InvestmentAdvertising ExpenseOffice Expense | ||
Comprehensive IncomeOperating ExpensesOther ExpensesOther Comprehensive IncomeCost of Goods SoldOther RevenuesGross ProfitProfit Before Income TaxesProfit from OperationsSalesProfit / (Loss) | ||
Operating ExpensesProfit / (Loss)Other RevenuesGross ProfitOther Comprehensive IncomeCost of Goods SoldComprehensive IncomeOther ExpensesSalesProfit from OperationsProfit Before Income Taxes | ||
Gain on Disposal of EquipmentInterest ExpenseAdvertising ExpenseDepreciation ExpenseOffice ExpenseLoss on Disposal of EquipmentIncome Tax ExpenseHolding Gain on Equity InvestmentHolding Loss on Equity Investment | ||
Other RevenuesSalesOther Comprehensive IncomeComprehensive IncomeProfit / (Loss)Gross ProfitOther ExpensesCost of Goods SoldProfit Before Income TaxesProfit from OperationsOperating Expenses | $ |
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