Prepare, In Good Form, A Comprehensive Income Statement, Using A Multi-step Format And On The Basis Of Functions Of Expense. No Disclosure Notes Required.

Prepare, in good form, a comprehensive income statement, using a multi-step format and on the basis of functions of expense. No disclosure notes required.

- October 5, 2022 - Edwin Tunner

Canada Wheels Ltd. manufactures and sells parts for automobiles. Canada Wheels Ltd. has the following balances in its general ledger on December 31, 2018. (In thousands of Canadian dollars).

The company had 15,000 common shares outstanding throughout this fiscal year. The company did not have any preferred shares. Assume that the income tax rate is 30% on all items.

Cost of Sales	90,000
Sales Revenue	143,700
Interest Expense on L/T Debt	21,000
Selling and Administrative expense	12,000
Write-off of obsolete inventory	3,000
Impairment of tangible capital assets	1,500
General Advertising expense	1,000
Amortization Expense	4,000
Restructuring Cost	1,200
Gain on disposal of discontinued segment	15,000
Deferred Loss on Pension Funds	2,500

Required: Prepare, in good form, a comprehensive income statement, using a multi-step format and on the basis of functions of expense. No disclosure notes required.

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