Question
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Debits Credits Sales
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts:
Account Title | Debits | Credits |
Sales revenue | 2,340,000 | |
Cost of goods sold | 1,410,000 | |
Selling and administrative expense | 419,000 | |
Interest expense | 41,000 | |
Gain on debt securities | 81,000 | |
The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%. There were 1,100,000 shares of common stock outstanding throughout 2021. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures. (Round EPS answer to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started