The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024,...
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The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024, included the following accounts: Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities Debits Credits $ 2,480,000 $ 1,480,000 422,000 48,000 88,000 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%. Required: Prepare a single, continuous multiple-step statement of comprehensive income. LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2024 Gross profit Operating expenses Operating income Other income (expense) Income before income taxes Net income Other comprehensive income (net of tax): Comprehensive income The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024, included the following accounts: Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities Debits Credits $ 2,480,000 $ 1,480,000 422,000 48,000 88,000 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%. Required: Prepare a single, continuous multiple-step statement of comprehensive income. LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2024 Gross profit Operating expenses Operating income Other income (expense) Income before income taxes Net income Other comprehensive income (net of tax): Comprehensive income
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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