Reference no: EM132728432
Question - Presented below is information that relates to H Limited for 2020:
Accounts Payable 49,000
Accounts Receivable 78,000
Bond Payable 600,000
Cash dividends declared on common shares 34,000
Collections of credit sales $1,100,000
Cost of goods sold 1,100,000
Equipment 85,000
Gain from transactions in foreign currencies (pre-tax) 220,000
Inventory 120,000
Loss on sale of equipment 350,000
Loss from early debt repayment 340,000
Loss resulting from calculation error on depreciation charge in 2019 460,000
Other expenses 120,000
Other revenues 180,000
Proceeds from issue of Halifax common shares 60,000
Retained earnings, January 1, 2020 800,000
Sales 1,900,000
Selling and administrative expenses 290,000
Unrealized Gain FV-NI 20,000
Additional information to be included: On September 1, 2020, H sold one of its segments (product line) to Best Industries for a gain (pre-tax) of $550,000. During the period January 1 to August 31, the discontinued segment incurred an operating loss (pre-tax) of $480,000. This loss is not included in any of the numbers shown above.
Make a multiple-step income statement for 2020. Assume a 20% income tax rate and that 20,000 common shares were outstanding during the year. Include Earnings Per Share.
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