FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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disclosure. Note: Round Earnings per share answer to 2 decimal places. KROEGER INCORPORATED Income Statement For the Year Ended December 31, 2024 Sales revenue Cost of goods sold Gross profit Operating expenses: Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Earnings per share $ 8,220,000 (6,080,000) 2,140,000 0 2,140,000 2,140,000
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Transcribed Image Text:disclosure. Note: Round Earnings per share answer to 2 decimal places. KROEGER INCORPORATED Income Statement For the Year Ended December 31, 2024 Sales revenue Cost of goods sold Gross profit Operating expenses: Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Earnings per share $ 8,220,000 (6,080,000) 2,140,000 0 2,140,000 2,140,000
Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 162,000 6,080,000 620,000 490,000 32,000 520,000 KROEGER INCORPORATED Income Statement. Credits $ 8,220,000 OUT OF CARL 62,000 122,000 141,000 JUDITH The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 multiple-step income statement for Kroeger Incorporated with earnings per share disclosure. Note: Round Earnings per share answer to 2 decimal places. Clic
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Transcribed Image Text:Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 162,000 6,080,000 620,000 490,000 32,000 520,000 KROEGER INCORPORATED Income Statement. Credits $ 8,220,000 OUT OF CARL 62,000 122,000 141,000 JUDITH The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 multiple-step income statement for Kroeger Incorporated with earnings per share disclosure. Note: Round Earnings per share answer to 2 decimal places. Clic
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