Answer:
Net income $302,000
Comprehensive Income $382,000
Earnings Per Share 0.30
Explanation:
Preparation of a single, continuous multiple-step statement of comprehensive income for 2016, including appropriate EPS disclosures.
Lindor Corporation Statement of Comprehensive Income for 2016
Sales revenue $2,300,000
Less Cost of goods sold $1,400,000
Gross profit 900,000
($2,300,000-$1,400,000)
Less Operating expenses:
Selling and administrative expenses ($420,000)
Operating income $480,000
($900,00-$420,000)
Less other expenses:
Interest expense ($40,000)
Income before tax Expenses $440,000
($480,000-$40,000)
Income tax Expenses $132,000
(30%*$440,000)
Net income $302,000
($440,000-$132,000)
Other comprehensive income:
Add Unrealized holding gain on investment securities,net of tax $80,000
Comprehensive Income $382,000
($302,000+$80,000)
Earnings Per Share:
Net Income
(302,000 / 1,000,000) 0.30
Therefore Lindor Corporation single, continuous multiple-step statement of comprehensive income for 2016, including appropriate EPS
disclosures will be :
Net income $302,000
Comprehensive Income $382,000
Earnings Per Share 0.30
