Answered step by step
Verified Expert Solution
Question
1 Approved Answer
v Saveg The trial balance of Rollins Inc. included the following accounts as of December 31, 2021 Debits Credits 6,388,888 42,000 15,000 166,000 Sales revenue
v
Saveg The trial balance of Rollins Inc. included the following accounts as of December 31, 2021 Debits Credits 6,388,888 42,000 15,000 166,000 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 costs Interest expense General and administrative expense 280,000 4,760,000 440,000 200,000 15,000 340,000 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 single, continuous statement of comprehensive income for Rollins Inc. Use a multiple-step income statement format. (Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.) ROLLINS INC. Statement of Comprehensive Income For the Year Ended December 31, 2021 $ 6,300,000 4,760,000 1,540,000 Sales revenue Cost of goods sold Gross profit Operating expenses Selling expense Restructuring costs General and administrative expense $ 440,000 200,000 340,000 980,000 560,000 Total operating expenses Operating income Other income (expense): Loss on sale of investments Interest expense Interest revenue (15,000) (15,000) 42,000 Total other income, net Income before income taxes Income tax expense Net income (loss) Other comprehensive income (net of tax) Gain on projected benefit obligation Loss on debt investments 12.000 572,000 143.000 429,000 S 280,000 166,000 Total other comprehensive income Comprehensive Income Earnings per share 514.500 4.29 $ 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