Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Textbook Question
Chapter 5, Problem 5.8BE
Statement of Net Income, IFRS. Using the information provided in BE5-7, prepare a statement of net income and additional disclosures that would meet IFRS requirements. Indicate items that IFRS requires be reported on the statement of net income. Use the condensed format.
BE5-7 Single-Step Statement of Net Income. Carr Corporation provided the following partial-
Carr Corporation
Trial Balance (Selected Accounts)
For the Year Ended December 31
| Account | Debit | Credit |
| Dividends | $1,345 | |
| Sales | $123,750 | |
| Dividend Income | 560 | |
| Interest Income | 1,000 | |
| Gain on Disposal of Plant Assets | 986 | |
| Unrealized Gam on Trading Investments | 2,000 | |
| Cost of Goods Sold | 45,678 | |
| Office Supplies Expense | 4,500 | |
| Sales Salaries Expense | 3,570 | |
| Selling Expenses | 12,000 | |
| Accounting and Legal Fees—General Expense | 800 | |
| Advertising Expense | 4,000 | |
| Office Salaries Expense | 6,780 | |
| Depreciation Expense—General Expense | 9,000 | |
| Interest Expense | 7,100 | |
| Loss on Asset Impairment | 1,840 |
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Chapter 5 Solutions
Intermediate Accounting
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