Income Statement and Comprehensive Income Statement For the Year Ended December

Income statement and comprehensive income statement

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Income Statement and Comprehensive Income Statement For the Year Ended December 31, 2012 Net sales ................................................................................... $1,200,000 Cost of goods sold .................................................................. 720,000 Gross profit .............................................................................. 480,000 Selling and administrative expenses .................................... 320,000 Net income ............................................................................... $ 160,000 Net income ............................................................................... $ 160,000 Unrealized holding gain .......................................................... 15,000 Comprehensive income .......................................................... $ 175,000 EXERCISE 4-15 BRYANT CO. Statement of Stockholders’ Equity For the Year Ended December 31, 2012 Total Compr e- hensive Income Retaine d Earning s Accumulated Other Comprehensi ve Income Common Stock Beginning balance $520,00 0 $ 90,000 $80,000 $350,00 0 Comprehensive income
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Net income* 170,000 $170,00 0 170,000 Other comprehensive income Unrealized holding loss (50,000) (50,000 ) (50,000) Comprehensive income $120,00 0 Dividends (10,000 ) (10,00 0 ) Ending balance $630,00 0 $250,00 0 $30,000 $350,000 *($750,000 – $500,000 – $80,000). IFRS4-1 Companies are required to present an analysis of expenses classified either by their nature (such as cost of materials used, direct labor incurred, delivery expense, advertising expense, employee benefits, depreciation expense, and amortization expense) or their function (such as cost of goods sold, selling expenses, and administrative expenses). IFRS4-4 Sales revenue ...................................................... $310,000 Cost of goods sold .............................................. 140,000 Selling and administrative expenses .................. 50,000 Gain on sale of plant assets ................................ 30,000 Income from operations ...................................... 150,000 (a) Interest expense .................................................. 6,000 Income from continuing operations ................... 144,000 Discontinued operations ..................................... (12,000 ) Net income ........................................................... $132,000 (b) Attributable to: Controlling shareholders .................................. 92,000 (c)
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Non-controlling interest .................................... (40,000) Retained earnings, beginning of year ............... $ 0 Net income ......................................................... 132,000 Unrealized gain on non-trading equity securities .......................................................... 10,000 Comprehensive income ..................................... 142,000 (d) Dividends declared and paid ............................. (5,000 ) Retained earnings, end of year ......................... $137,000 (e)
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