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Problem 1: Lutus Company Provided The Following Adjusted Trial Balance On December 31, 2021

Lutus Company reported a total income of 6,500,000 for the year ended December 31, 2021, after accounting for sales, investment income, and other income. Total expenses amounted to 3,550,000, leading to a net income before tax of 2,950,000. After deducting an income tax expense of 900,000, the final net income for the year was 2,050,000.

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259 views2 pages

Problem 1: Lutus Company Provided The Following Adjusted Trial Balance On December 31, 2021

Lutus Company reported a total income of 6,500,000 for the year ended December 31, 2021, after accounting for sales, investment income, and other income. Total expenses amounted to 3,550,000, leading to a net income before tax of 2,950,000. After deducting an income tax expense of 900,000, the final net income for the year was 2,050,000.

Uploaded by

Katrina Dela Cruz
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Problem 1: Lutus Company provided the following adjusted trial balance on December 31, 2021:

Sales 9,750,000
Share of profit of associate 150,000
Other income 300,000
Decrease in inventory of finished goods 250,000
Raw materials and consumables used 3,500,000
Employee benefit expense 1,500,000
Translation gain on foreign operations 300,000
Depreciation 450,000
Impairment loss on property 800,000
Finance cost 350,000
Other expenses 450,000
Income tax expense 900,000
Unrealized gain on option contract designated as cash flow hedge 200,000
Required: Prepare a single statement of comprehensive income for the year ended December 31, 2021.

Lutus Company
Statement of Comprehensive Income
December 31, 2022

9,750,000.0
Sales 0
-
3,750,000.0
COGS 0

6,000,000.0
Gross Profit 0
Investment
Income 150,000.00

Other Income 350,000.00 500,000.00

6,500,000.0
Total Income 0

Expenses
Employee
Benefit
Expense 1,500,000.00
Depreciation 450,000.00
Finance
Costs 350,000.00
Other
Expenses 450,000.00
Impairment 800,000.00
3,550,000.0
Loss 0

Net Income before 2,950,000.0


tax 0
-
Income Tax 900,000.00

2,050,000.0
Net Income 0

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