a. Prepare a single-step income statement (with respect to items in income from operations) b. Prepare a comprehensive income statement for 2020, using the two statement format. c. Prepare a retained earnings statement for 2020
The following information was taken from the records of Roland Carlson Inc. for the year 2020. Income tax applicable to income from continuing operations $187,000; income tax applicable to loss on discounted operations $25500, and unrealized holding gain on available-for-sale securities (net of tax) $15000.
Gain on sale of equipment. $95,000. Cash dividends declared $150,000
loss on discounted operations 75,000.
Administrative expenses 240,000 Cost of goods sold 850,000
Rent revenue 40,000 Selling expenses 300,000
Loss on write- down of inventory 60,000 Sales revenue 1,900,000
Shares outstanding during 2020 were 100,000.
a. Prepare a single-step income statement (with respect to items in income from operations)
b. Prepare a comprehensive income statement for 2020, using the two statement format.
c. Prepare a retained earnings statement for 2020
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