Question

Grouper Corporation was incorporated and began business on January 1, 2020. It has been successful and now requires a bank loan for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2020 using IFRS. The accountant for Grouper Corporation provides you with the following income statement, which Grouper plans to submit to the bank: Grouper Corporation Income Statement Sales revenue $ 846,000 Dividend revenue 32,000 Gain on recovery of earthquake loss (unusual) 25,000 Unrealized holding gain on FV-OCI equity investments 5,000 908,000 Less: Selling expenses $ 109,000 Cost of goods sold 516,000 Advertising expense 12,000 Loss on inventory due to decline in net realizable value 35,000 Loss on discontinued operations 46,000 Administrative expenses 73,000 791,000 Income before income tax 117,000 Income tax expense 23,400 Net income $ 93,600 Grouper had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income. (b) Prepare a revised single-step statement of comprehensive income. (Round percentage to 0 decimal places for intermediate calculations, e.g. 52% and per share answers to 2 decimal places, e.g. 52.75.) Grouper Corporation Statement of Comprehensive Income For the Year Ended December 31, 2020 Sales Revenue $ 846000 $ $ $. i need solution asap

FINANCIAL ACCOUNTING

Answer 1

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