Carson Corporation provided the following partial-trial balance for the current year.
Prepare a statement of net income and additional disclosures that would meet IFRS requirements. Indicate items that IFRS requires be reported on the statement of net income.
Carson is subject to a 40% income tax rate. Use the condensed format
Carson Corporation
Trial Balance (Selected Accounts)
For the Year Ended December 31
Account
Debit
Credit
Dividends
$1,330
Sales
$190,000
Dividend Income
550
Interest Income
1,200
Gain on Disposal of Plant Assets
1,300
Unrealized Gain on Trading Investments
2,400
Cost of Goods Sold
44,000
Office Supplies Expense
5,000
Sales Salaries Expense
4,300
Selling Expenses
17,000
Accounting and Legal Fees—General Expense
760
Advertising Expense
4,200
Office Salaries Expense
6,300
Depreciation Expense—General Expense
9,200
Interest Expense
2,700
Loss on Asset Impairment
2,300
Carson Corporation
Statement of Profit and Loss
Required
For the Year Ended December 31
Disclosure
Less:
Net Profit
Carson Corporation | |
Statement of Profit and Loss | |
For the Year Ended December 31 | |
Sales | $190,000 |
Less: Cost of Goods Sold | ($44,000) |
Gross Profit | $146,000 |
Less: Operating Expenses: | |
Office supplies expense | ($5,000) |
Sales salaries expense | ($4,300) |
Selling expense | ($17,000) |
Accounting and legal fees - General expense | ($760) |
Advertising expense | ($4,200) |
Office salaries expense | ($6,300) |
Depreciation expense - General Expense | ($9,200) |
Interest expense | ($2,700) |
Loss on asset impairment | ($2,300) |
Add: Operating Income: | |
Dividend income | $550 |
Interest income | $1,200 |
Gain on Disposal of plant assets | $1,300 |
Profit before tax | $97,290 |
Less: Income tax ($97,290*40/100) | ($38,916) |
Net Profit after Tax | $58,374 |
Carson Corporation provided the following partial-trial balance for the current year. Prepare a statement of net...
Corporation provided the following partial-trial balance for the current year. Prepare a statement of net income and additional disclosures that would meet IFRS requirements. Indicate items that IFRS requires to be reported on the statement of net income. Carson is subject to a 40% income tax rate. Use the condensed format. Carson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $1,330 Sales $190,000 Dividend Income 550 Interest Income 1,200 Gain on Disposal of...
Carson Corporation provided the following partial-trial balance for the current year. Prepare a single-step income statement for the year ended December 31. Carson is subject to a 40% income tax rate. (Round all amounts to the nearest whole dollar.) Carson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $1,370 Sales $190,000 Dividend Income 530 Interest Income 1,300 Gain on Disposal of Plant Assets 960 Unrealized Gain on Trading Investments 1,600 Cost of Goods...
Carson Corporation provided the following partial-trial balance for the current year. Carson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $1,370 Sales $190,000 Dividend Income 530 Interest Income 1,300 Gain on Disposal of Plant Assets 960 Unrealized Gain on Trading Investments 1,600 Cost of Goods Sold 40,000 Office Supplies Expense 5,000 Sales Salaries Expense 4,200 Selling Expenses 9,000 Accounting and Legal Fees—General Expense 770 Advertising Expense 3,600 Office Salaries Expense 7,100 Depreciation Expense—General...
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