Question
The following selected accounts are from the adjusted trial balance of Green Company on December 31, 2020 (their year-end). Other information not found on the
The following selected accounts are from the adjusted trial balance of Green Company on December 31, 2020 (their year-end). Other information not found on the trial balance is also included. Green Company uses IFRS.
collections of credit sales......................... $1,100,000
retained earnings, Jan.1, 2020..................800,000
sales .........................................................1,900,000
selling and admin expenses.......................290,000
casualty loss (pre-tax)................................350,000
cash dividends declared on common stock..34,000
Cost of goods sold.....................................1,100,000
loss resulting from calculation error on depreciation charge in 2018 (pre-tax)...460,000
other revenues...........................................180,000
other expenses..........................................120,000
loss from early extinguishment of debt (pre-tax)...340,000
gains from transactions in foreign currencies (pre-tax)...220,000
proceeds from sale of Green common shares...60,000
Additional information:
- On September 1, 2020, Green sold one of its segments (product line) to Best Industries for a gain (pre-tax) of $550,000. During the period January 1 to August 31, the discontinued segment incurred an operating loss (pre-tax) of $480,000. This loss is not included in any of the numbers shown above.
Need a multi-stepstatement of comprehensive incomein good form for 2020. The income tax rate is 20%, and 20,000 common shares were outstanding all year.
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