The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities Gross profit Operating expenses The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%. There were 1,300,000 shares of common stock outstanding throughout 2021. LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2021 Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures. (Round EPS answer to 2 decimal places.) Operating income Other income (expense) Income before income taxes Debits 1,530,000 437,000 53,000 Net income Other comprehensive income (net of tax) Credits 2,580,000 Comprehensive income Earnings per share: 93,000

The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities Gross profit Operating expenses The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%. There were 1,300,000 shares of common stock outstanding throughout 2021. LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2021 Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures. (Round EPS answer to 2 decimal places.) Operating income Other income (expense) Income before income taxes Debits 1,530,000 437,000 53,000 Net income Other comprehensive income (net of tax) Credits 2,580,000 Comprehensive income Earnings per share: 93,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4PB: Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts...

See similar textbooks

Similar questions

Splish Inc. provided the following information for the year 2020. $ Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities 756,000 302,400 378,000 2,394,000 100,800 1.071,000 138,600 129,402 21,420 235,620 76,230 2,520 SPLISH, INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue $ 2394000 Rent Revenue 100800 Total Revenues 2494800 Expenses Cost of Goods Sold 1071000 Selling Expenses 378000 Administrative Expenses 302400 Total Expenses Income From Continuing Operations Before Income Tax Income From Continuing Operations Less : Applicable Income Tax Reduction Income From Continuing…
Noren Company uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Noren Company considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Complete the following 2019 comparative income statements for 2019, showing net income changes as a result of the changes to the balance sheet aging method categories. D. Describe the categories change effect on net income and accounts receivable.
Crypt Inc. carries the following marketable equity financial assets on its books at December 31, 2018 and 2019. All financial assets were purchased during 2018 and there were no beginning balances in any market adjustment accounts. 1.Compute the unrealized gain or loss that will presented in the income statement of 2018. 2. Compute the unrealized gain or loss that will presented in the income statement of 2019 3. Compute the unrealized gain or loss that will presented in the other comprehensive income of 2018 4. Compute the unrealized gain or loss that will presented in the other comprehensive income of 2019. 5.Compute the amount of unrealized gain or loss that will be presented in the Stockholders equity for 2020.
The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from…
The statement of financial position of Mackay Ltd as at 30 June 2021 showed the following assets and liabilities. Assets Cash Inventories Accounts Receivables Allowance for Doubtful Debts Plant Accumulated Depreciation- Plant Deferred Tax Asset Liabilities Accounts Payable Provision for Long Service Leave Provision for Annual Leave Rent Received in Advance Deferred Tax Liability Additional information 2021 8 000 17 000 50 000 (5 500) 50 000 (26 000) ? 29 000 6 000 4 000 2 500 ? 2020 8 500 15 500 48 000 (4 000) 50 000 (21 000) 4 050 26 000 4 500 3 000 2 000 3 150 • Accumulated depreciation of plant for tax purposes was $39 000 at 30 June 2021. • The tax rate is 30%. Required: Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts.
Information related to Jones Company's portfolio of trading debt securities at December 31, 2021 follows: Jones reported a $10,000 credit balance in its FV Adjustment - Trading Securities account in its December 31, 2020 balance sheet. Assume that it sold no trading securities during 2021. Required: How much should Jones report as unrealized gain or loss on its 2021 income statement? Prepare the journal entry that Jones would make to record the 2021 fair value adjustment to its trading portfolio. kequirement 1: Requirement 2:
The following information relates to Moran Co. for the year ended December 31, 2020: net income $1,245.7 million; unrealized holding loss of $10.9 million related to available-for-sale debt securities during the year; accumulated other comprehensive income of $57.2 million on December 31, 2019. Assuming no other changes in accumulated other comprehensive income, determine (a) other comprehensive income for 2020, (b) comprehensive income for 2020, and (c) accumulated other comprehensive income at December 31, 2020.
Gecko Investments has the following data regarding their debt investments as of December 31, 2021: Original Cost Amortized Cost Market Value Trading Bonds 95 96 97 Available for Sale Bonds 95 96 97 Held-to-Maturity Bonds 95 96 97 1. What is the total amount of gain or loss to be reported as part of other comprehensive income? Give both the amount and whether it is a gain or loss.
The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $115,900 91,500 292,800 48,800 73,200 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue BLUE INC. Income Statement $ $183,000 $ 3,000,000 1,037,000 Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) 366,000 2.318.000
This year AB Company has each of the following items in its income statement. Part A. Gross profit on instalment sales Revenues on long term construction contracts Estimated costs of product warranty contracts Premiums on officers’ life insurance policies as AB Company as beneficiary. Instructions: (a) Under what conditions would deferred income taxes need to be reported in the financial statements? (b) Specify when deferred income taxes would need to be recognized for each of the items above, and indicate the rationale for such recognition. Part B. AB Company’s president has heard that deferred income taxes can be classified in different ways in the balance sheet. Instructions: Identify the conditions under which deferred taxes would be classified as noncurrent item in the balance sheet. What justification exists for such classification?
Assume that the debt investment in FourSquare Company was available-for-sale and the expected credit loss was $960,000. Prepare the journal entry to record this impairment on December 31, 2021.
Use the adjusted trial balance of Lash Corporation below to prepare a classified balance sheet, multistep income statement, a statement of comprehensive income, and two columns of the statement of stockholders' equity (RE column & AOCI column). Ignore income taxes. Ignore EPS. Important other information: Debt Investments have been adjusted to fair value. The unrealized holding gain listed on the trial balance relates to this adjus tment. - The Note Payable is due in 3 equal annual installments. The first stallment is due on 12/31/26. Common Stock has a par value of $1. Number of shares authorized equals 500,000. Compute the number of shares issued. The number of shares issued = number of shares outstanding. - Balances below are either as of 12/31/25 or for the year ended 12/31/25. Lash Corporation Adjusted Trial Balance 12/31/2025 Cash 102,000 Debt Investments (trading) 90,000 Accounts Receivable 47,000 Allowance for doubtful accounts 1,000 Cash surrender value of life insurance…