The accountant of Crane 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 £ 23,200 Interest expense 14,400 Unrealized gain on equity securities designated at fair value through other comprehensive income, net of tax 24,800 Selling expenses 112,000 Income tax 24,480 Administrative expenses 144,800 Cost of goods sold 412,800 Net sales 784,000 Cash dividends declared 12,800 Loss on sale of plant assets 12,000
The accountant of Crane 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 £ 23,200 Interest expense 14,400 Unrealized gain on equity securities designated at fair value through other comprehensive income, net of tax 24,800 Selling expenses 112,000 Income tax 24,480 Administrative expenses 144,800 Cost of goods sold 412,800 Net sales 784,000 Cash dividends declared 12,800 Loss on sale of plant assets 12,000
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
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
Related questions
Question
The accountant of Crane 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.
There were 20,000 ordinary shares outstanding during the year.
| Rent revenue | £ 23,200 | |
| Interest expense | 14,400 | |
| Unrealized gain on equity securities designated at fair | ||
| value through other comprehensive income, net of tax | 24,800 | |
| Selling expenses | 112,000 | |
| Income tax | 24,480 | |
| Administrative expenses | 144,800 | |
| Cost of goods sold | 412,800 | |
| Net sales | 784,000 | |
| Cash dividends declared | 12,800 | |
| Loss on sale of plant assets | 12,000 |
There were 20,000 ordinary shares outstanding during the year.
(a)
Prepare a comprehensive income statement using the combined statement approach. (Round earnings per share to 2 decimal places, e.g. 1.48.)
|
CRANE SHOE
Statement of Comprehensive Income choose the accounting period |
|||
|---|---|---|---|
|
enter an income statement item
|
£ enter a pound amount
|
||
|
enter an income statement item
|
enter a pound amount
|
||
|
select a summarizing line for the first part
|
enter a total amount for the first part
|
||
|
enter an income statement item
|
£ enter a pound amount
|
||
|
enter an income statement item
|
enter a pound amount
|
||
|
enter a subtotal of the two previous amounts
|
|||
|
select an opening name for section one
|
|||
|
enter an income statement item
|
enter a pound amount
|
||
|
enter an income statement item
|
|
enter a pound amount
|
|
|
enter a subtotal of the two previous amounts
|
|||
|
select a summarizing line for the second part
|
enter a total amount for the second part
|
||
|
enter an income statement item
|
enter a pound amount
|
||
|
select a summarizing line for the third part
|
enter a euro amount
|
||
|
enter an income statement item
|
enter a pound amount
|
||
|
select a summarizing line for the fourth part
|
enter a total amount for all four parts
|
||
|
select an opening name for section two
|
|||
|
enter an income statement item
|
enter a pound amount
|
||
|
select a closing name for this statement
|
£ enter a total amount for this statement
|
||
|
select an income statement item
|
£ enter a pound amount rounded to 2 decimal places
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub