ssom Limited reported the following selected information for the year ended March 31, 2021: Advertising expense $5,000 Interest expense $5,800 Cash dividends—common 6,000 Loss on discontinued operations 11,000 Depreciation expense 2,000 Rent revenue 36,000 Fees earned
ssom Limited reported the following selected information for the year ended March 31, 2021: Advertising expense $5,000 Interest expense $5,800 Cash dividends—common 6,000 Loss on discontinued operations 11,000 Depreciation expense 2,000 Rent revenue 36,000 Fees earned
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 9P
Related questions
Question
Blossom Limited reported the following selected information for the year ended March 31, 2021:
Advertising expense
|
$5,000 |
Interest expense
|
$5,800 | |||
---|---|---|---|---|---|---|
Cash dividends—common
|
6,000 |
Loss on discontinued operations
|
11,000 | |||
|
2,000 |
Rent revenue
|
36,000 | |||
Fees earned
|
57,000 |
|
16,000 | |||
Gain on disposal of equipment
|
1,400 |
Telephone expense
|
6,000 | |||
Holding loss on equity investments
|
3,000 | |||||
Income tax payable
|
6,500 |
The company’s income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income. |
Prepare an income statement and a separate statement of comprehensive income for Blossom Limited.
BLOSSOM LIMITED
Income Statement choose the accounting period |
||
---|---|---|
select an opening name for section one
|
||
select an income statement item
|
$enter a dollar amount
|
|
select an income statement item
|
enter a dollar amount
|
|
select a closing name for section one
|
$enter a total amount for section one
|
|
select an opening name for section two
|
||
select an income statement item
|
enter a dollar amount
|
|
select an income statement item
|
enter a dollar amount
|
|
select an income statement item
|
enter a dollar amount
|
|
select a closing name for section two
|
enter a total amount for section two
|
|
select a summarizing line for the first part
|
enter a total amount for the first part
|
|
select an opening name for section three
|
||
select an income statement item
|
enter a dollar amount
|
|
select an opening name for section four
|
||
select an income statement item
|
enter a dollar amount
|
|
select a summarizing line for the second part
|
enter a total amount for the second part
|
|
select an income statement item
|
enter a dollar amount
|
|
select a summarizing line for the third part
|
enter a total amount for all three parts
|
|
select an opening name for section five
|
||
select an income statement item
|
enter a dollar amount
|
|
select a closing name for this statement
|
$enter a total profit or loss amount
|
BLOSSOM LIMITED
Statement of Comprehensive Income choose the accounting period |
||
---|---|---|
select a comprehensive income item
|
$enter a dollar amount
|
|
select an opening section name
|
||
select a comprehensive income item
|
enter a dollar amount
|
|
select a closing name for this statement
|
$enter a total amount for this statement
|
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