Problem
An excerpt of certain JOMON Inc. accounts as of / for the year ended December 31, 2021 is presented below.
|
|
Amount
|
|
Accumulated other comprehensive LOSS, Jan 1, 2021
|
700
|
|
Accrued liabilities
|
1,435
|
|
Cost of goods sold
|
17,500
|
|
Common shares (10,000 shares outstanding throughout the year)
|
2,100
|
|
Dividends declared - preferred shares
|
263
|
|
Dividends declared - common shares
|
788
|
|
Gain on sale of equipment
|
144
|
|
General & admin expenses
|
2,660
|
|
Expense error from 2020 (depreciation expense was understated in 2020 by this amount)
|
1,085
|
|
Loss on write-down of assets of discontinued operation
|
1,400
|
|
Income tax payable
|
-
|
|
Interest expense
|
184
|
|
Interest revenue
|
140
|
|
Income from the operations of discontinued operations
|
350
|
|
Sales and marketing expenses
|
1,400
|
|
Preferred shares (400 preferred shares outstanding throughout the year)
|
1,120
|
|
Retained earnings, Jan 1, 2021
|
2,450
|
|
Sales revenue
|
30,625
|
|
Unrealized gain on investments - OCI (other comprehensive. Income)
|
266
|
NOTE: All adjusting entries have been prepared EXCEPT for the 2021 income tax entries.
(i.e., All numbers above are before tax.) JOMON is subject to a 29% income tax rate. JOMON follows IFRS.
Task
A. Create a multi-step statement of comprehensive income in good form for JOMON Inc. for 2021. (Round all amounts to the nearest dollar.) Show required earnings per share (EPS) information. (Show these calculations below the statements.)
B. Create the Statement of Changes in Equity in good form for JOMON Inc. for the year ended December 31, 2021.
C. Calculate adjusted income taxes payable at December 31, 2021 for JOMON.