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The following information was taken from the records of Vega Inc. for the year 2015: income...

The following information was taken from the records of Vega Inc. for the year 2015: income tax applicable to income from continuing operations R$119,000, income tax applicable to loss on discontinued operations R$25,500, and unrealized holding gain on non-trading equity securities R$15,000.

Gain on sale of plant assets

R$95,000

Cash dividends declared

R$150,000

Loss on discontinued operations

75,000

Retained earnings January 1, 2015

600,000

Administrative expenses

240,000

Cost of goods sold

850,000

Rent revenue

40,000

Selling expenses

300,000

Loss on impairment of land

60,000

Sales revenue

1,700,000

Ordinary shares outstanding during 2015 were 100,000.

Requirement:

  1. Prepare a comprehensive income statement for 2015 using the one statement approach

  1. Prepare a retained earnings statement for 2015.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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