Final answer:
The 2024 income statement and comparative balance sheet for Tiger Enterprises will display the company's financial performance and position over time, with T-accounts used to simplify the presentation. The merchandise balance and current account balance would be calculated using provided tables and transactions.
Step-by-step explanation:
The student has asked about the content of the 2024 income statement and comparative balance sheet information for Tiger Enterprises. To address this question, first, we should understand that an income statement outlines the revenues, expenses, and profits or losses of a company over a specific period. A comparative balance sheet presents the assets, liabilities, and equity of a company at different points in time, side by side, to allow for comparison.
T-accounts represent individual elements of the balance sheet and income statement in a simplified format, with the T-shape formed by a vertical line and a horizontal line under the column headings for "Assets" on one side, and "Liabilities and Equity" on the other. This visual format helps in understanding the transactions that take place within a company's ledger and how they affect the balance sheet and income statement.
When filling Table 23.2 or any similar table, the merchandise balance is calculated by taking the total value of the merchandise sold and subtracting any returns or allowances. The current account balance, on the other hand, is calculated by taking into account the total of current assets and subtracting the total of current liabilities.