Silver Lining Corporation, a public company, is a large silver producer. Selected condensed information (in millions) for
Question:
Silver Lining Corporation, a public company, is a large silver producer. Selected condensed information (in millions) for Silver Lining Corporation follows for the year ended September 30, 2024:
Cost of sales................................................................ $2,214
Loss from investment in associate ...................................6
Silver sales ......................................................................3,350
Income tax expense ...........................................................60
Interest expense ..................................................................7
Interest revenue .................................................................38
Operating expenses ..........................................................639
Dividend revenue ..................................................................6
Investment income or (loss) .............................................(27)
OCI—holding gain, net of taxes of $5 .............................. 12
Instructions
a. Prepare an income statement and a separate statement of comprehensive income for the year ended September 30, 2024.
b. Silver Lining Corporation had an opening balance in its Accumulated Other Comprehensive Income account of $49 million. What is the ending balance it would report in the shareholders’ equity section of its balance sheet at September 30, 2024?
Step by Step Answer:
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak