Prepare the following four financial statements for Linden International Inc. for 2012: 1. Statement of income 2.
Question:
Prepare the following four financial statements for Linden International Inc. for 2012:
1. Statement of income
2. Statement of comprehensive income
3. Statement of changes in equity
4. Statement of financial position
Income tax expense ……………………………………. $ 600,000
Increase in property revaluation ………………………. 35,000
Current assets …………………………………………. 6,500,000
Cost of sales ………………………………………….. 7,500,000
Distribution costs …………………………………….. 900,000
Common shares issued ………………………………. 895,000
Accumulated other comprehensive
income/(loss) beginning of year ……………………… —
Finance costs …………………………………………. 90,000
Stock-option compensation ………………………….. 40,000
Profit before taxes …………………………………… 1,750,000
Retained earnings (end of year) …………………….. 5,000,000
Dividends paid …………………………………….. 150,000
Other income ………………………………………. 40,000
Gross profit ………………………………………… 3,500,000
Share capital (end of year) ………………………… 3,395,000
Contributed surplus (beginning of year) …………… 60,000
Non-current liabilities ……………………………… 5,000,000
Change in currency translation (income) …………… 40,000
Retained earnings (beginning of year) ……………… 4,000,000
Administrative expenses …………………………… 800,000
Total liabilities …………………………………….. 8,000,000
Total assets ……………………………………….. 16,500,000
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Step by Step Answer:
1 2 3 4 Linden International Inc Statement of Income For the year ende...View the full answer
