Required 1:
Prepare Schembri's single, continuous multiple-step statement of comprehensive income for 2024, including earnings per share disclosures. There were 1,000,000 shares of common stock outstanding at the beginning of the year and an additional 100,000 shares were issued on July 1, 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. Round EPS answers to 2 decimal places.
Sales Revenue: $16,700
Cost of Goods Sold: $6,900
Gross Profit: $9,800
Selling Expenses: $1,370
Operating Income: $8,430
Non-operating Items:
Loss on Investments: -$220
Unrealized Gain on Debt Securities: $420
Restructuring Costs: -$1,900
Loss from Operations of Sold Division: -$560
Gain on Sale of Assets: $1,540
Depreciation Expense Adjustment: -$270
Negative Foreign Currency Translation Adjustment: -$340
Income Before Taxes: $7,500
Income Tax Expense: $1,875
Net Income: $5,625
Earnings per Share (EPS):
Net Income: $5,625
Weighted Average Shares Outstanding: 1,000,000 + 100,000 = 1,100,000
EPS: $5,625 / 1,100,000 = $0.00511
Required 2:
Prepare a separate statement of comprehensive income for 2024.
Net Income: $5,625
Other Comprehensive Income:
Unrealized Gain on Debt Securities: $420
Negative Foreign Currency Translation Adjustment: -$340
Total Comprehensive Income: $5,705