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The following condensed trial balance of Gator Co., a publicly held company, has been adjusted except for income tax expense.
Gator Co.
CONDENSED TRIAL BALANCE
12/31/Year 5 |
12/31/Year 4 |
Net |
|||
Balances |
Balances |
Change |
|||
Dr.(Cr.) |
Dr.(Cr.) |
Dr.(Cr.) |
|||
Cash |
$ 413,000 |
$ 757,000 |
$(344,000) |
||
Accounts receivable, net |
670,000 |
610,000 |
60,000 |
||
Property, plant, and equipment |
1,070,000 |
995,000 |
75,000 |
||
Accumulated depreciation |
(345,000) |
(280,000) |
(65,000) |
||
Available-for-sale securities |
70,000 |
60,000 |
10,000 |
||
Dividends payable |
(25,000) |
(10,000) |
(15,000) |
||
Income taxes payable |
35,000 |
(150,000) |
185,000 |
||
Notes payable |
(42,000) |
(42,000) |
-- |
||
Bonds payable |
(500,000) |
(1,000,000) |
500,000 |
||
Unamortized premium on bonds |
(71,000) |
(150,000) |
79,000 |
||
Common stock |
(350,000) |
(150,000) |
(200,000) |
||
Additional paid-in capital |
(430,000) |
(375,000) |
(55,000) |
||
Retained earnings |
(185,000) |
(265,000) |
80,000 |
||
Accumulated other comprehensive income |
(10,000) |
(10,000) |
|||
Sales |
(2,420,000) |
||||
Cost of sales |
1,863,000 |
||||
Selling and administrative expenses |
220,000 |
||||
Interest income |
(14,000) |
||||
Interest expense |
46,000 |
||||
Depreciation |
88,000 |
||||
Loss on sale of equipment |
7,000 |
||||
Gain unusual in nature |
(90,000) |
|
|
||
$ 0 |
$ 0 |
$ 300,000 |
Additional Information
Complete the combined statement of income and comprehensive income in a multiple-step format for the year ended December 31, Year 5, by entering the appropriate amounts in the associated cells. Enter all numbers as positive.
Prepare the comprehensive income statement as follows
G Inc | ||
Statement of Income and Comprehensive Income | ||
For the Year Ended December 31, 5 | ||
Particulars | Amount | Amount |
Sales Revenue | $2,420,000 | |
Cost of Sales | $1,863,000 | |
Gross Profit | $557,000 | |
Deduct: Operating Expenses: | ||
Selling and Administrative Expenses | $220,000 | |
Depreciation Expense | $88,000 | $308,000 |
Operating Income | $249,000 | |
Add: Other Revenues and Gains: | ||
Interest Income | $14,000 | |
Gain Unusual in Nature | $90,000 | $104,000 |
Deduct: Other Expenses and Losses: | ||
Interest Expense | $46,000 | |
Loss on Sale of Equipment | $7,000 | $53,000 |
Income Before Income Tax | $300,000 | |
Deduct: Income Tax | ||
Current ($300,000 × 30%) | $90,000 | |
Net Income | $210,000 | |
Other Comprehensive Income (net of tax) | ||
Unrealized Holding Gain, net of tax ($10,000 − $3,000) | $7,000 | |
Comprehensive Income | $217,000 | |
Basic Earnings Per Share | ||
Net Income ($210,000 ÷ (60,000 + (80,000 × 9 ÷ 12))) | $1.75 |
Scroll down to complete all parts of this task. The following condensed trial balance of Gator...
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