Question: Put these statments in a excel sheet which each statment Santa s Little Helpers, Inc. ( SHL ) is headquartered in the North Pole (

Put these statments in a excel sheet which each statment Santas Little Helpers, Inc. (SHL) is headquartered in the North Pole (where else?) and manufactures various toys and holiday products. The company has several divisions and operates worldwide. SLH had the following income statement items for the year ended December 31,2024:
Administrative expenses $ 77,000 Net sales $1,260,000
Cost of goods sold 735,000 Interest expense 24,500
Dividend income 14,000 Selling expenses 98,000
The following additional information is available.
1. SLH operates a chain of candy-making stores. In November of 2024 the elves that work in the U.S. markets learned that the Keebler elves earned substantially more than they did so they went on strike to obtain higher wages. SLH experienced a loss of $56,000 as a result of the strike.
2. During 2024 their auditors discovered that in 2021 the company had failed to record depreciation on its assets located in South America. This created a material error in the 2021 financial statements. The after-tax effect of that mistake would have decreased income by $21,000.
3. During the year, the company disposed of its manufacturing division in the South Pole. Even though the division was profitable (they had pre-tax income from operations of $140,000), it simply took too long for Santa and his sleigh to get to the other side of the world to pick up their packages on Christmas Eve. Since the view of the southern lights isnt nearly as spectacular as that of the northern lights, it was difficult to find a buyer for the location. As a result, there was a pre-tax loss on disposal of the divisions net assets of $112,000.
4. Since the company operates internationally, SLH must translate all of its international operations into the local currency. According to Siri, both the Euro and the U.S. dollar are accepted in the Arctic so we will go with U.S. dollars. For 2024, SLH incurred a gain on foreign currency translation of $52,500 before tax.
5. In February of 2024, an avalanche in Siberia destroyed the Reindeer Refueling Station which was located there and owned by SLH. After receiving its insurance settlement, this resulted in a pretax gain of $210,000.(How can they have a gain from an avalanche?!?!?)
6.35,000 shares of common stock were outstanding throughout 2024. Retained Earnings at the beginning of the year was $864,197. During 2024 SLH paid dividends of $2.00 per common share.
7. Income tax expense has not yet been accrued. The income tax rate is 30% on all items of income (loss).
Required:
1. Prepare a multiple step income statement for 2024, including Earnings per share (EPS) disclosures for Santas Little Helpers, Inc.
2. Prepare a separate Statement of Comprehensive Income for 2024.
3. Prepare a Statement of Retained Earnings for 2024.
Your work should look professional as if you were presenting these financial statements to a client. For example, (1) no abbreviations, (2) use dollar signs, underlines and double underlines appropriately, (3) use commas for amounts greater than $999,(4) use appropriate headings and (5) round all amounts to dollars (do not show cents). This should be done in Excel.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!