Rolling Thunder Corporation

Statement of Financial Performance

For the Year Ended December 31, 2023
Sales revenue
Less cost of goods sold
Gross profit
Less selling and administrative expenses
Income from operations
Other revenues and gains
Interest income 170,000.00
Gain on disposal of FV-NI investments 110,000.00

Other expenses and losses

Loss on impairment of goodwill 520,000.00
Loss from flood damage 390,000.00
Income from continuing operations before income tax
Income tax expense: 797,500.00
For the current year 500,000.00
Tax assessment related to 2021
Income from continuing operations
Discontinued operations 165,000.00
Loss from operations, net of income tax of $55,000 262,500.00
Loss on disposal, net of income tax of $87,500
Net income
Other comprehensive income
Items that will not be recycled subsequently to net income or loss:
Unrealized gain on FV-OCI investments, net of income tax of $80,000
Comprehensive income
Earnings per share
Income from continuing operations
Discontinued operations
Net income

pre-tax loss/gain * ( 1-rate) = after tax

220,000 * ( 1-25%) = 165,000
320,000 * 75% = 240,000
EPS = income available to common shareholders / weighted average number pf common shares outstanding
 36,500,000.00
28,500,000.00
8,000,000.00
4,700,000.00
3,300,000.00

280,000.00

910,000.00
2,670,000.00

1,297,500.00
1,372,500.00

427,500.00
945,000.00

240,000.00
1,185,000.00

1.63
- 0.53
1.09

mmon shares outstanding

 Good Karma Corporation
Statement of Changes in Equity
For the Year Ended December 31, 2023
Preferred Shares Common Shares Contributed Surplus
Beginning Balance $250,000 $600,000 $300,000
Adjustment to correct prior error (net
of tax of $20,000)
Beginning Balance, as adjusted

Comprehensive Income:
Net income
Other comprehensive income
Dividends to shareholders:
Preferred
Common
Issue of equity:
Preferred shares $ 5,000.00
Common shares $ 300,000.00
Ending Balance $ 255,000.00 $ 900,000.00 $ 300,000.00

Not recycled through net income = recycled through OCI

n
uity
31, 2023
Retained Earnings AOCI Total
$257,600 $525,000 $1,932,600
$ 48,000.00 $ 48,000.00
$ 305,600.00 $ 1,980,600.00

$ 325,000.00 $ 82,000.00 $ 407,000.00

-$ 120,000.00 -$ 120,000.00
-$ 62,000.00 -$ 62,000.00

$ 5,000.00
$ 300,000.00
$ 448,600.00 $ 607,000.00 $ 2,510,600.00 $ 2,510,600.00
 40,000.00 125,000.00 50,000.00 160,000.00 50,000.00 225,000.00

25,000.00 60% 15,000.00

35,000.00 60% 21,000.00
240,000.00 60% 144,000.00
only care about how much they declare 2023

RE Jan 1, 2023 as reported 225,000.00

( Correction for dep. Error in 2021 ) - 15,000.00
(net of 10,000 income tax )
Adjustment for changes in inv. Method 21,000.00
(net of 14,000 income tax )
RE Jan 1, 2023 as adjusted 231,000.00
add: NI (2023) 144,000.00
less: Dividends - 100,000.00
RE Dec 31, 2023 275,000.00