Business, 17.06.2020 04:57 jaaiphieaslade

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.

Required:
a. Prepare single -step income statement.
b. Prepare comprehensive income statement for 2014, using two statement format.
c. Prepare a retained earnings statement for 2014.

Answers: 2

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The following information was taken from the records of Roland Carlson Inc. for the year 2017: incom...