The accountant for Macadamia Shoe has compiled the following information from the company's records as a...
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The accountant for Macadamia Shoe has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2022. Rent revenue Interest expense Unrealized gain on non-trading equity securities, net of tax Selling expenses Income tax Administrative expenses Cost of goods sold Net sales Cash dividends declared Loss on sale of plant assets $49,000 28,000 30,000 145,000 32,000 187,000 520,000 988,000 16,000 25,000 There were 20,000 ordinary shares outstanding during the year. Required: a. (L.Obj 3.1 & 3.2) Prepare a comprehensive income statement using the combined statement approach and analyze the result! (40 points) b. (L.Obj 3.1 & 3.2) Prepare a comprehensive income statement using the two statement approach and analyze the result! (40 points) c. (L.Obj 3.3) Which format do you prefer? Please give your interpretation! (20 points) The accountant for Macadamia Shoe has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2022. Rent revenue Interest expense Unrealized gain on non-trading equity securities, net of tax Selling expenses Income tax Administrative expenses Cost of goods sold Net sales Cash dividends declared Loss on sale of plant assets $49,000 28,000 30,000 145,000 32,000 187,000 520,000 988,000 16,000 25,000 There were 20,000 ordinary shares outstanding during the year. Required: a. (L.Obj 3.1 & 3.2) Prepare a comprehensive income statement using the combined statement approach and analyze the result! (40 points) b. (L.Obj 3.1 & 3.2) Prepare a comprehensive income statement using the two statement approach and analyze the result! (40 points) c. (L.Obj 3.3) Which format do you prefer? Please give your interpretation! (20 points)
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Answer rating: 100% (QA)
a Comprehensive Income Statement Combined Statement Approach Calculations Operating Revenue Net Sales 988000 Rent Revenue 49000 Total Operating Revenu... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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