Question:
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31,
2013, included the following income accounts:
The trial balance does not include the accrual for income taxes. Lindor’s income tax rate is 30%. One
million shares of common stock were outstanding throughout 2013.
Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2013, including
appropriate EPS disclosures.
Answer:
LINDOR CORPORATION
Statement of Comprehensive Income
For the Year Ended December 31, 2013
Sales revenue ........................................................................... $2,300,000
Cost of goods sold ................................................................... 1,400,000
Gross profit ............................................................................. 900,000
Operating expenses:
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31,
2013, included the following income accounts:
The trial balance does not include the accrual for income taxes. Lindor’s income tax rate is 30%. One
million shares of common stock were outstanding throughout 2013.
Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2013, including
appropriate EPS disclosures.
Answer:
LINDOR CORPORATION
Statement of Comprehensive Income
For the Year Ended December 31, 2013
Sales revenue ........................................................................... $2,300,000
Cost of goods sold ................................................................... 1,400,000
Gross profit ............................................................................. 900,000
Operating expenses:
