Question
This assignment is due soon, I want to check my answers before I submit them. Please make sure to answer within 15 to 40 min.
This assignment is due soon, I want to check my answers before I submit them. Please make sure to answer within 15 to 40 min. Please submit what you have within 40 min, or this question is wasted and will be thumbed down. Thank you for your help in advance!
An excerpt of certain Viola Desmond Inc.s accounts as of / for the year ended December 31, 2021 is presented below.
$Amount | |
Accumulated other comprehensive INCOME, Jan 1, 2021 | $125 |
Bad debts expense | 100 |
Cost of goods sold | 1,775 |
Common shares (500 shares outstanding throughout the year) | 1,800 |
Dividends declared preferred shares | 48 |
Dividends declared common shares | 360 |
Depreciation expense | 300 |
Interest expense | 66 |
Loss on sale of assets of discontinued operation | 90 |
Loss from the operations of discontinued operations | 125 |
Preferred shares (400 shares outstanding throughout the year) | 400 |
Retained earnings, Jan 1, 2021 | 220 |
Revenue error from 2020 (overaccrual of revenue in 2020) | 80 |
Sales revenue | 5,000 |
Salaries expense | 675 |
Unrealized loss OCL (other comprehensive loss) | 150 |
NOTE: All adjusting entries have been prepared except for the 2021 income tax entries.
(ie. All numbers above are before tax.) Viola Desmond is subject to a 22% income tax rate. Viola Desmond follows IFRS.
Required:
Round all amounts to the nearest dollar except per share amounts to the nearest cent.
- Prepare a multi-step Statement of Comprehensive Income in good form for Viola Desmond Inc. for 2021.
(Round all amounts to the nearest dollar.)
- Show required earnings per share (EPS) information. (Show these calculations below the statements.)
- Prepare the Statement of Changes in Equity in good form for Viola Desmond Inc. for 2021.
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