Amos Corporation was incorporated and began business on January 1, 2017. It has been successful and now

Question:

Amos Corporation was incorporated and began business on January 1, 2017. It has been successful and now requires a bank loan for additional working capital to finance an expansion. The bank has requested an audited income statement for the year 2017 using IFRS. The accountant for Amos Corporation provides you with the following income statement, which Amos plans to submit to the bank:

Amos Corporation was incorporated and began business on January 1,

Amos had 100,000 common shares outstanding during the year. Gains/losses on FV-OCI investments are recycled through net income.
Instructions
(a) Indicate the deficiencies in the income statement as it currently is. Assume that the corporation prepares a single-step income statement.
(b) Prepare a revised single-step statement of comprehensive income.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-1119048534

11th Canadian edition Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

Question Posted: