Question

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 rate is 25%. There were 1,400,000 shares of common stock outstanding throughout 2021. References Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures. (Round EPS answer to 2 decimal places.)

Answer 1

Lindor Corporation
Statement of comprehensive income
For the Year Ended December 31, 2021
Sales Revenue	2,400,000
Cost of goods sold	1,440,000
Gross Profit	960,000
Operating expense
Selling and Administrative Expense	416,000
Income From Operations	544,000
Other income and expenses
Interest Expense	44,000
Income before tax expense	500,000
Income Tax Expense @25%	125,000
Net Income	375,000
Other comprehensive income
Gain on debt securities, net of tax	63,000
Comprehensive income	312,000
Earnings per share
Net Income	0.27
(375,000/1,400,000)