Question

Presented below is information related to Viel Company at December 31, 2020. Sales revenuex Cost of goods sold General and administrative expensesx Gain on life insurance proceeds Loss on sale of securities: Loss-on-impairment of property, plant, and equipment: Income tax expensex Income allocation-tonon-controlling interest Common dividends declared Preferred dividends declared and paid Unrealized loss on available-for-sale debt investments (33.33% effective tax rate) Retained earnings, January 1 Common stock, January 1 Paid-in-capital in excess of par value, January 18 Accumulated other comprehensive income, January 12 Common stock outstanding (shares) $ 310,000 140,000 50,000 30,0008 10,000 6,000 12,0008 25,000 14,000 5,000:8 15,000 44,000 100,000 50,000 $ 13,000 8 100,000 Instructions: Prepare a multiple-step-income statement. Round earnings-per-share-to-2-decimal places.

Answer 1

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ended 31/12 31/12/2020 year . Income statement of Viel Co. for the Revenue from operations ( sale revenue) Other Income (gain on 310,000 on Insurance) 30,00 340.000 A 140,000 Cost of Goods sold Other Expense (General & Admin Exp) 50000 A loss on securities sale 10,000 + loss on Impairment) ooo 81000 6000 15000 221000 12 000 Profit before Tax 119000 IS Tax Exp Profit after Tax 107000 ~No. of shares of 100,oo Eps 1.07 €