(Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale securities (net of tax) $15,000. Gain on sale of equipment $ 95,000 Cash dividends declared $ 150,000 Loss on discontinued operations 75,000 Retained earnings January 1, 2017 600,000 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 2017 were 100,000.Instructions(a) Prepare a single-step income statement.(b) Prepare a comprehensive income statement for 2017, using the two statement format.(c) Prepare a retained earnings statement for 2017.
(Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale securities (net of tax) $15,000. Gain on sale of equipment $ 95,000 Cash dividends declared $ 150,000 Loss on discontinued operations 75,000 Retained earnings January 1, 2017 600,000 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 2017 were 100,000.Instructions(a) Prepare a single-step income statement.(b) Prepare a comprehensive income statement for 2017, using the two statement format.(c) Prepare a retained earnings statement for 2017.
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 48P
Related questions
Question
(Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale securities (net of tax) $15,000.
| Gain on sale of equipment | $ 95,000 | Cash dividends declared | $ 150,000 |
| Loss on discontinued operations | 75,000 | 600,000 | |
| 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 2017 were 100,000.
Instructions
(a) Prepare a single-step income statement.
(b) Prepare a comprehensive income statement for 2017, using the two statement format.
(c) Prepare a retained earnings statement for 2017.
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 2 steps with 4 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
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning