Answered step by step
Verified Expert Solution
Question
1 Approved Answer
*THOSE ARE THE NAME OF THE ACCOUNTS THAT I NEED TO USE, BUT ARE ARRANGED IN THE WRONG WAY (THE MAJORITY OF THEM).... I PUT
*THOSE ARE THE NAME OF THE ACCOUNTS THAT I NEED TO USE, BUT ARE ARRANGED IN THE WRONG WAY (THE MAJORITY OF THEM).... I PUT TWO TIMES INCOME FROM OPERATIONS(WRONGLY) BUT THERE WERE ALSO OTHER TWO ACCOUNTS: REVENUES AND EARNINGS PER SHARE
The accountant of Vaughn Shoe has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2022. 31,320 19,440 Rent revenue Interest expense Unrealized gain on equity securities designated at fair value through other comprehensive income, net of tax Selling expenses Income tax Administrative expenses Cost of goods sold Net sales Cash dividends declared Loss on sale of plant assets 33,480 151,200 33,048 195,480 557.280 1,058,400 17,280 16,200 There were 20,000 ordinary shares outstanding during the year. Prepare a comprehensive income statement using the combined statement approach. (Round earnings per share to 2 decimal places, e.g. 1.48.) VAUGHN SHOE Statement of Comprehensive Income For the Year Ended December 31, 2022 Sales Revenue 1058400 Cost of Goods Sold 557280 Gross Profit/(Loss) 501120 Selling Expenses 151200 Administrative Expenses 195480 135000 Other Income and Expense Rent Revenue Interest Expense Income Before Income Tax Income Tax Other Comprehensive Income Rent Revenue Unrealized Gain on Securities, Net of Tax Income From Operations Income From Operations Net Income /(Loss) Comprehensive IncomeStep 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