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87. The trial balance of Kroeger Inc. included the following accounts

Question : 87. The trial balance of Kroeger Inc. included the following accounts : 1412613

 

 

87.

The trial balance of Kroeger Inc. included the following accounts as of December 31, 2016:

 

 

Debits

Credits

Sales revenue

 

8,200,000

Interest revenue

 

60,000

Gain on sale of investments

 

120,000

Unrealized gains on investments

 

140,000

Foreign currency translation losses

160,000

 

Cost of goods sold

6,100,000

 

Selling expenses

600,000

 

Goodwill impairment loss

500,000

 

Interest expense

30,000

 

General and administrative expenses

500,000

 



Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 40%.

Required:

Prepare a 2016 single, continuous statement of comprehensive income for Kroeger Inc. Use a multiple-step income statement format.  
 
 

 

 

 

 

 

Solution
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Accounting 1 Year Ago 40 Views
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