The accounting records of Food Complex Ltd., a publicly listed company, showed the amounts below...

80.2K

Verified Solution

Question

Accounting

The accounting records of Food Complex Ltd., a publicly listed company, showed the amounts below for the year ended 31 January 20X7, in millions of Canadian dollars. The company had 40 million common shares outstanding throughout the fiscal year.

Dr./(Cr.) Retail Wholesale Dairy Bakery U.S. Total
Sales revenue $ (390 ) $ (251 ) $ (45 ) $ (65 ) $ (67 ) $ (818 )
Cost of inventory expensed 160 134 12 18 324
Employee cost 43 28 17 15 22 125
Other operating expense 16 14 8 13 27 78
Restructuring cost 5 5
Gain on sale of marketable securities (8 )
Interest expense 12
Depreciation expense 96
General advertising expense 21
General corporation administrative expense 33
Loss on discontinued operation (21 ) (21 )
Loss on translation of U.S. subsidiary (OCI) 6
Income tax expense (including $5 tax 20
recovery on discontinued operation)

Required: 1. Prepare the SCI by nature of income and expense. (Round intermediate and "Earnings per share" answers to 2 decimal place. Enter answers in thousands, not in whole Canadian dollar.)

2. Prepare the SCI by function. (Round intermediate and "Earnings per share" answers to 2 decimal place. Enter answers in thousands, not in whole Canadian dollar.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students