ACC349 Accounting Theory and Practice

Chapter 4 Simulation

Complete the required tasks utilizing excel and label everything.

The trial balance of Kroeger, Inc. included the following accounts as of December 31, 2021:

DEBITS CREDITS

Sales Revenue $ 8,200,000

Interest Revenue 60,000

Gain on Sale of Investments 120,000

Gain on Debt Securities 140,000

Loss on Projected Benefit Obligation $ 160,000

Cost of Goods Sold 6,100,000

Selling Expenses 600,000

Goodwill Impairment Loss 500,000

Interest Expense 30,000

General & Admin Expenses 500,000

Additional Notes:

1. The Gain on Debt Securities represents the increase in the fair value of debt securities and is classified as a component of other comprehensive income.
2. Income tax expense has not yet been recorded. The effective tax rate is 25%

Required: Prepare a 2021 single, continuous Statement of Comprehensive Income for Kroeger, Inc. Use a Multiple-step income statement format. Must be in good form with proper heading, proper classifications, and accurate amounts. I suggest utilizing Excel for the preparation of the Statement of Comprehensive Income.