Answer:
Net income = $364,000
Earning per share (EPS) = $0.36 per share.
Explanation:
A continuous multiple-step statement of comprehensive income is a form of income statement shows in a categorical and continuous manner operating income, i.e. the profit earned from the primary activities of an entity through buying and selling merchandise, other income and expenses, and net income.
For this question, continuous multiple-step statement of comprehensive income can be prepared as follows:
Lindor Corporation
Multiple-step Statement of Comprehensive Income for 2016
<u>Details $ </u>
Sales revenue 2,300,000
Cost of goods sold <u> 1,400,000 </u>
Gross profit 900,000
Operating expenses:
Selling and administrative expenses <u> (420,000) </u>
Operating income 480,000
Non operating income and exp.:
Unrealized holding gains on inv. sec. 80,000
Interest expense <u> (40,000) </u>
Income before tax 520,000
Income tax (30% * $520,000) <u> (156,000) </u>
Net income <u> 364,000 </u>
EPS (364,000 / 1,000,000) 0.36
