Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of Rollins Inc. Included the following accounts as of December 31, 2021 Debita Credits 6,200,000 41,500 10,000 165,000 275,000 Sales revenue Interest

image text in transcribed
The trial balance of Rollins Inc. Included the following accounts as of December 31, 2021 Debita Credits 6,200,000 41,500 10,000 165,000 275,000 Sales revenue Interest revenue Loss on sale of investments Loss on debt investments Gain on projected benefit obligation Cost of goods sold Selling expense Restructuring conta Interest expense General and administrative expense 4,670,000 430,000 195,000 20,000 330,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a 2021 multiple-step income statement for Rollins Inc. with earnings per share disclosure. (Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.) ROLLINS INC. Income Statement For the Year Ended December 31, 2021 Gross profit Operating expenses: 0 Total operating expenses

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_2

Step: 3

blur-text-image_3

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

Payroll Accounting 2021

Authors: Bernard J. Bieg, Judith A. Toland

31st Edition

0357358287, 9780357358283

More Books

Students also viewed these Accounting questions

Question

=+2. What is the difference between brand voice and tone?

Answered: 1 week ago