The following information is available for Kingbird Inc. for the year ended December 31, 2017: Loss on discontinued operations $65,000 Retained earnings January 1, 2017 $1,120,000 Rent revenue 85,000 Selling expenses 860,000 Income tax applicable to continuing operations 288,000 Income tax applicable to loss on discontinued operations 22,000 Administrative expenses 500,000 Cost of goods sold 1,620,000 Loss on write-down of inventory 32,000 Sales revenue 3,715,000 Gain on sale of equipment 30,000 Cash dividends declared 210,000 Unrealized gain on available-for-sale securities 20,000 Interest expense 45,000
The following information is available for Kingbird Inc. for the year ended December 31, 2017: Loss on discontinued operations $65,000 Retained earnings January 1, 2017 $1,120,000 Rent revenue 85,000 Selling expenses 860,000 Income tax applicable to continuing operations 288,000 Income tax applicable to loss on discontinued operations 22,000 Administrative expenses 500,000 Cost of goods sold 1,620,000 Loss on write-down of inventory 32,000 Sales revenue 3,715,000 Gain on sale of equipment 30,000 Cash dividends declared 210,000 Unrealized gain on available-for-sale securities 20,000 Interest expense 45,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 5E: Fava Company began operations in 2018 and used the LIFO inventory method for both financial...
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The following information is available for Kingbird Inc. for the year ended December 31, 2017:
| Loss on discontinued operations | $65,000 | $1,120,000 | ||||
|---|---|---|---|---|---|---|
| Rent revenue | 85,000 | Selling expenses | 860,000 | |||
| Income tax applicable to continuing operations | 288,000 | Income tax applicable to loss on discontinued operations | 22,000 | |||
| Administrative expenses | 500,000 | Cost of goods sold | 1,620,000 | |||
| Loss on write-down of inventory | 32,000 | Sales revenue | 3,715,000 | |||
| Gain on sale of equipment | 30,000 | Cash dividends declared | 210,000 | |||
| Unrealized gain on available-for-sale securities | 20,000 | Interest expense | 45,000 |
200,000 shares were outstanding during all of 2017. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.45.)
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