The trial balance of Rollins Inc. included the following accounts as of December 31, 2021: Debits Credits
Question:
The trial balance of Rollins Inc. included the following accounts as of December 31, 2021:
Debits | Credits | |||
Sales revenue | 6,700,000 | |||
Interest revenue | 44,000 | |||
Loss on sale of investments | 20,000 | |||
Loss on debt investments | 182,000 | |||
Gain on projected benefit obligation | 300,000 | |||
Cost of goods sold | 5,120,000 | |||
Selling expense | 480,000 | |||
Restructuring costs | 220,000 | |||
Interest expense | 10,000 | |||
General and administrative expense | 380,000 | |||
The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%.
Required:
Prepare a 2021 single, continuous statement of comprehensive income for Rollins Inc. Use a multiple-step income statement format. (Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.)
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,