Homework Answers
| Linder Corporation | |
| Income Statement | |
| Sales | 2620000 |
| Cost of goods sold | 1550000 |
| Gross Profit | 1070000 |
| Operating Exp. | |
| Selling & Admin Exp. | 435000 |
| Operating Income | 635000 |
| Interest Exp. | 55000 |
| Income before Tax Expense | 580000 |
| Income Tax Expense 25% | 145000 |
| Net Income | 435000 |
| Other Income: | |
| Unrealised Gain on investment | 95000 |
| Comprehensive Income | 530000 |
| Earning Per Share | |
| (Net Income / No. of Shares | 0.29 |
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Conec board Content - Blackboard Learn Help Save Saved ises The trial balance for Lindor Corporation,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits Credits 2,720,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,600,000 440,000 60,000 100,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%. There were 2,000,000 shares of...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Debits Credits Multiple-step continuous statement of comprehensive income LO4-1, LO4-5, LO4-6 $2,300,000 Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities $1,400,000 420,000 40,000 80,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income...
Check my work The trial balance for Lindor Corporation, a manufacturing company, for the year ended...
Check my work The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits 10 points Credits 2,400,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,440,000 416,000 44,000 eBook 84,000 Hint Print The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income tax...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts: Debits Credits 2,700,000 Account Title Sales revenue Cost of goods sold Selling and administrative expenses Interest expense Unrealized holding gains on investment securities 1,590,000 431,000 59,000 99,000 The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 30%. 1.9 million shares of common stock were outstanding throughout 2018. Required: Prepare a single, continuous...
Exercise 4-4 (Algo) Multiple-step continuous statement of comprehensive income (L04-1, 4-5, 4-6) The trial balance for...
Exercise 4-4 (Algo) Multiple-step continuous statement of comprehensive income (L04-1, 4-5, 4-6) The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits Credits 2,500,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,490,000 421,000 49,000 89,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income...
Exercise 4-4 (Algo) Multiple-step continuous statement of comprehensive income (L04-1, 4-5, 4-6] The trial balance for...
Exercise 4-4 (Algo) Multiple-step continuous statement of comprehensive income (L04-1, 4-5, 4-6] The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits Credits 2,540,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,510,000 439,000 51,000 91,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income...
The trial balance for Sunset Corporation, a manufacturing company, for the year ended December 31, year...
The trial balance for Sunset Corporation, a manufacturing company, for the year ended December 31, year 1, included the following income accounts: Account Title Debits Credits Sales Revenue $2,450,000 Cost of Goods Sold $1,200,500 Selling and Administrative expenses $400,000 Interest Expense $45,500 Gain on debt securities $88,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Sunset’s income tax rate is 25%. There were 1,000,000 shares of common stock outstanding throughout year...
The following is a partial trial balance for the Green Star Corporation as of December 31,...
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Debits Credits 1,550,000 38,000 58,000 Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 770,000 200,000 83,000 48,000 138,000 There were 110,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income...
The following is a partial trial balance for the Green Star Corporation as of December 31,...
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 2,150,000 Interest revenue 50,000 Gain on sale of investments 70,000 Cost of goods sold 890,000 Selling expenses 260,000 General and administrative expenses 95,000 Interest expense 60,000 Income tax expense 150,000 There were 100,000 shares of common stock outstanding throughout 2021. Required: Prepare a single-step income statement for 2021, including EPS disclosures. Prepare a multiple-step income statement for...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 3, 200,000 97,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 31,000 1,360,000 370,000 470,000 235,000 96,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required:...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits Credits 2,720,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,600,000 440,000 60,000 100,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 25%. There were 2,000,000 shares of...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Debits Credits Multiple-step continuous statement of comprehensive income LO4-1, LO4-5, LO4-6 $2,300,000 Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities $1,400,000 420,000 40,000 80,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income...
Check my work The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits 10 points Credits 2,400,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,440,000 416,000 44,000 eBook 84,000 Hint Print The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor's income tax...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts: Debits Credits 2,700,000 Account Title Sales revenue Cost of goods sold Selling and administrative expenses Interest expense Unrealized holding gains on investment securities 1,590,000 431,000 59,000 99,000 The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 30%. 1.9 million shares of common stock were outstanding throughout 2018. Required: Prepare a single, continuous...
Exercise 4-4 (Algo) Multiple-step continuous statement of comprehensive income (L04-1, 4-5, 4-6) The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits Credits 2,500,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,490,000 421,000 49,000 89,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income...
Exercise 4-4 (Algo) Multiple-step continuous statement of comprehensive income (L04-1, 4-5, 4-6] The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Debits Credits 2,540,000 Account Title Sales revenue Cost of goods sold Selling and administrative expense Interest expense Gain on debt securities 1,510,000 439,000 51,000 91,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income...
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Debits Credits 1,550,000 38,000 58,000 Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 770,000 200,000 83,000 48,000 138,000 There were 110,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 3, 200,000 97,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 31,000 1,360,000 370,000 470,000 235,000 96,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required:...
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