The trial balance of ScanHouse, Inc. included the following accounts as of December 31, 2019: Sales...
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The trial balance of ScanHouse, Inc. included the following accounts as of December 31, 2019: Sales Revenue Restructuring costs. Debits 100,000 Credits 15,800,000 Gain on sale of investments 250,000 Unrealized gains on investments 150,000 Other Income * 1,300,000 Foreign currency translation losses 175,000 Cost of Goods Sold 11,900,000 Selling expenses 850,000 Goodwill impairment loss 450,000 Interest Expense 50,000 Administrative Expense 750,000 *Other Income consists of income from discontinued operations and interest. This includes $900,000 of income from operations, a $300,000 gain on the sale of investments, with interest income making up the balance. Scan House had 500,000 shares of common stock outstanding on 1/1/19 and issued another 200,000 shares on April 1, 2019. 1,000,000 shares of common stock have been authorized. Income tax expense had not yet been accrued. The effective tax rate is 20%. Required: Prepare a 2019 single, continuous statement of comprehensive income from ScanHouse, Inc., including income tax expense and Earnings Per Share (EPS). Use a multiple-step income statement format. Note: Follow the required format of creating an excel spreadsheet, with appropriate excel formulas, for your solution. The following two documents shall be submitted: solution page(s) - NOT printed to fit on one page (10-12 font). formula page, print to fit on one page The trial balance of ScanHouse, Inc. included the following accounts as of December 31, 2019: Sales Revenue Restructuring costs. Debits 100,000 Credits 15,800,000 Gain on sale of investments 250,000 Unrealized gains on investments 150,000 Other Income * 1,300,000 Foreign currency translation losses 175,000 Cost of Goods Sold 11,900,000 Selling expenses 850,000 Goodwill impairment loss 450,000 Interest Expense 50,000 Administrative Expense 750,000 *Other Income consists of income from discontinued operations and interest. This includes $900,000 of income from operations, a $300,000 gain on the sale of investments, with interest income making up the balance. Scan House had 500,000 shares of common stock outstanding on 1/1/19 and issued another 200,000 shares on April 1, 2019. 1,000,000 shares of common stock have been authorized. Income tax expense had not yet been accrued. The effective tax rate is 20%. Required: Prepare a 2019 single, continuous statement of comprehensive income from ScanHouse, Inc., including income tax expense and Earnings Per Share (EPS). Use a multiple-step income statement format. Note: Follow the required format of creating an excel spreadsheet, with appropriate excel formulas, for your solution. The following two documents shall be submitted: solution page(s) - NOT printed to fit on one page (10-12 font). formula page, print to fit on one page
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Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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