The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuin operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Shares outstanding during 2025 were 100,000. Sales Revenue Rent Revenue Total Revenues Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, eg. 1.48. Enter other revenue and gains before other expenses and losses) Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Discontinued Operations $115,900 91.500 292,800 Net Income/(Loss) 48.800 73,200 Earnings per Share of Common Stock Income before Income Tax Net Income/(Loss) BLUE INC. Income Statement For the Year Ended December 31, 2025 V Income from Continuing Operations v V V Loss on Discontinued Operations V v v Loss on Discontinued Operations v v Cash dividends declared $183,000 Retained earnings January 1, 2025 3,000,000 Cost of goods sold 1,037,000 Selling expenses Sales revenue V $ 2,318.000 BLUE INC. Comprehensive Income Statement 48,800 1,037,000 366.000 292,800 i 115,900 73,200 i Prepare a comprehensive income statement for 2025, using the two statement format. 366.000 2,318,000 2,366,800 1.695.800 671,000 42,700 713,700 228,140 485,560 (60,390) 425,170 0.61 4.86 4.25
The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuin operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Shares outstanding during 2025 were 100,000. Sales Revenue Rent Revenue Total Revenues Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, eg. 1.48. Enter other revenue and gains before other expenses and losses) Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Discontinued Operations $115,900 91.500 292,800 Net Income/(Loss) 48.800 73,200 Earnings per Share of Common Stock Income before Income Tax Net Income/(Loss) BLUE INC. Income Statement For the Year Ended December 31, 2025 V Income from Continuing Operations v V V Loss on Discontinued Operations V v v Loss on Discontinued Operations v v Cash dividends declared $183,000 Retained earnings January 1, 2025 3,000,000 Cost of goods sold 1,037,000 Selling expenses Sales revenue V $ 2,318.000 BLUE INC. Comprehensive Income Statement 48,800 1,037,000 366.000 292,800 i 115,900 73,200 i Prepare a comprehensive income statement for 2025, using the two statement format. 366.000 2,318,000 2,366,800 1.695.800 671,000 42,700 713,700 228,140 485,560 (60,390) 425,170 0.61 4.86 4.25
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 47P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning