Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following Information was taken from the records of Vega Inc. for the year 2015. now on loss on discontinued operations R$25,500, and unrealized holding

image text in transcribed
image text in transcribed
The following Information was taken from the records of Vega Inc. for the year 2015. now on loss on discontinued operations R$25,500, and unrealized holding gain on non-trading guys, Gain on sale of plant assets R$95,000 Cash dividends declared LOSS on discontinued operations 75,000 Retained earnings January 1, 2015 Administrative expenses 240,000 Selling experies Ordinary shares outstanding during 2015 were 100,000. Income before income tax R$385,000 nenarn the Income statement showing net income section using IFRS format (start from Income before income taxe The following information was taken from the records of Vega Inc. for the year 2015: come tax plote to come true. loss on discontinued operations R$25,500, and unrealized holding gain on non-trading secures 315.000 Gain on sale of plant assets R$95,000 Cash dividends dedared Loss on discontinued operations 75,000 Retained earnings January 1, 2045 500.000 Administrative expenses 240,000 Cost of goods solo 350.000 Rent revenue 200.000 40,000 Selling expenses 60,000 Sales revenue 1,100,000 Loss on impairment of land Ordinary shares outstanding during 2015 were 100,000. Required: Prepare the Income statement up to Income from operation section only using IFRS format)

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

A One Year Accounting Course

Authors: Trevor Gambling

21st Edition

0080130275, 9780080130279

More Books

Students also viewed these Accounting questions