The trial balance for Lindor Corporation a manufacturing com

The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts: Credits 2,300,000 Account Title Sales revenue Cost of goods sold Selling and administrative expenses Interest expense Unrealized holding gains on investment securities Debits 1,400,000 420,000 40,000 80,000 The trial balance does not include the accrual for income taxes. Lindor\'s income tax rate is 30%, one million shares of common stock were outstanding throughout 2018. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2018, including appropriate EPS disclosures. Round EPS answer to 2 decimal places.) LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2018

Solution

LINDOR CORPORATION

Statement of Comprehensive Income

For the Year ended December 31, 2018

Sales Revenue

$ 2,300,000.00

Less: Cost of Goods Sold

$ 1,400,000.00

Gross Profit

$      900,000.00

Operating expenses

    Selling and Administrative Expenses

$      420,000.00

Operating Profit

$      480,000.00

    Other Incomes

         Gains on Investment Securities

$        80,000.00

    Other Expenses

        Interest Expense

$       40,000.00

Profit Before Tax

$      520,000.00

Tax Expense

$      156,000.00

Net Profit after Tax

$      364,000.00

Number of shares Outstanding

1000000

Earning Per Share

$                   0.36

LINDOR CORPORATION
Statement of Comprehensive Income
For the Year ended December 31, 2018
Sales Revenue	$ 2,300,000.00
Less: Cost of Goods Sold	$ 1,400,000.00
Gross Profit	$      900,000.00
Operating expenses
Selling and Administrative Expenses	$      420,000.00
Operating Profit	$      480,000.00
Other Incomes
Gains on Investment Securities	$        80,000.00
Other Expenses
Interest Expense	$       40,000.00
Profit Before Tax	$      520,000.00
Tax Expense	$      156,000.00
Net Profit after Tax	$      364,000.00
Number of shares Outstanding	1000000
Earning Per Share	$                   0.36