The following is information for Flint Corp. for the year ended December 31, 2023: Sales revenue...

 

 

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The following is information for Flint Corp. for the year ended December 31, 2023: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,350,000 38,000 7.000 Loss on inventory due to decline in net realizable value 24,000 Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2022 810,000 67,500 Loss from expropriation of land 44,000 Dividends declared Retained earnings at December 31, 2022 $83,000 35,000 57,000 970,000 58,000 47,000 The effective tax rate is 20% on all items. Flint prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. Required Prepare a multiple step statement for financial performance for 2023, showing expenses by function. Ignore calculations of EPS The following is information for Flint Corp. for the year ended December 31, 2023: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,350,000 38,000 7.000 Loss on inventory due to decline in net realizable value 24,000 Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2022 810,000 67,500 Loss from expropriation of land 44,000 Dividends declared Retained earnings at December 31, 2022 $83,000 35,000 57,000 970,000 58,000 47,000 The effective tax rate is 20% on all items. Flint prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. Required Prepare a multiple step statement for financial performance for 2023, showing expenses by function. Ignore calculations of EPS

Answer rating: 100% (QA)

SOLUTION To prepare a multiplestep statement of financial performance for Flint Corp for the year en... View the full answer