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ACCTG414 (10)
Lecture

04 - Excerpts of Financial Statements Student .docx

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Department
Accounting
Course
ACCTG414
Professor
Jocelyn King
Semester
Fall

Description
Chapter 3 Income Statement, Comprehensive Income Statement and Shareholders Equity Examples ASPE Single Inc. Consolidated Income Statement Year ended December 31, 2009, with comparative figures for 2008 2009 2008 Revenue: Sales $ 10,810,422 $ 7,903,293 Gain on sale of investments 37,393 - Rental income 28,225 - Gains on Foreign Exchange/Sale of Equip 26,481 5,832 Interest Income 1,370 750 10,838,647 7,903,293 Expenses: Direct production costs 5,581,052 3,597,740 Materials 1,253,240 1,616,626 General and administrative expenses 630,336 635,447 Salaries, benefits and performance 305,368 1,345,275 bonuses 301,414 162,049 Amortization of buildings and equipment 298,507 - Amortization of intangible asset 129,165 115,217 Interest on advances from shareholders 94,220 - Business acquisition costs 92,480 2,960 Interest on long-term debt 10,940 - Loss on disposal of Equipment 8,007 5,770 Realty taxes - 3,604 Loss on sale of investments - 24,477 Loss on Foreign Exchange 8,639,485 7,502,583 Earnings before income taxes 2,199,162 400,710 Income taxes: Current 668,180 57,398 Future (reduction) 59,869 (9,548) 728,049 47,850 Net earnings for the year 1,471,113 352,860 Attributable to: Owners of the parent $ 1,506,506 $ 352,860 Non-controlling interests (35,393) - $ 1,471,113 $ 352,860 Explanation R Based on CICA - A case study: Financial statement comparisons - http://www.cica.ca/privateenterprises/resources/index.aspx#ASAPfs ASPE Multi Industries Inc. Consolidated Income Statement Year ended December 31, 2009, with comparative figures for 2008 2009 2008 Revenue: Sales $ 10,810,422 $ 7,903,293 Rental income 28,225 - 10,838,647 7,903,293 Cost of goods sold 6,834,292 5,214,366 Gross Profit 4,004,355 2,688,927 Expenses: General and administrative expenses 630,336 635,447 Salaries, benefits and performance bonuses 305,368 1,345,275 Amortization of buildings and equipment 301,414 162,049 Amortization of intangible asset 298,507 - Interest on advances from shareholders 129,165 115,217 Business acquisition costs 94,220 - Interest on long-term debt 92,480 2,960 Realty taxes 8,007 5,770 1,859,497 2,266,718 Earnings before the undernoted 2,144,858 422,209 Other income (loss): Gain (loss) on other investments 37,393 (3,604) Gain (loss) on foreign exchange 26,481 (24,477) Interest 1,370 750 Gain (loss) on disposal of equipment (10,940) 5,832 54,304 (21,499) Earnings before income taxes 2,199,162 400,710 Income taxes: Current 668,180 57,398 Future (reduction) 59,869 (9,548) 728,049 47,850 Net earnings for the year 1,471,113 352,860 Attributable to: Owners of the parent $ 1,506,506 $ 352,860 Non-controlling interests (35,393) - $ 1,471,113 $ 352,860 Explanation R Based on CICA - A case study: Financial statement comparisons - http://www.cica.ca/privateenterprises/resources/index.aspx#ASAPfs A second example of a multi step using IFRS is shown below: IFRS Multi Industries Inc. Consolidated Income Statement Year ended December 31, 2009, with comparative figures for 2008 2009 2008 Revenue: Sales $ 10,810,422 $ 7,903,293 Rental income 28,225 - 10,838,647 7,903,293 Cost of goods sold 8 6,834,292 5,214,366 Gross Profit 4,004,355 2,688,927 Expenses: General and administrative expenses 630,336 635,447 Salaries, benefits and performance bonuses 305,368 1,345,275 Amortization of buildings and eq
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