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) \(15,000.
See Also
The Income Statement: Limitations of the Income Statement | Saylor AcademyIncome Statement: How to Read and Use ItSingle-Step vs. Multi-Step Income StatementSingle-Step vs Multi-Step Income Statement: Key Differences for Small Business AccountingGain on sale of equipment \)95,000 Cash dividends declared $150,000
Loss on discontinued operations75,000 Retained earnings January1,2017 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
- Prepare a single-step income statement.
- Prepare a comprehensive income statement for 2017 using the two statement format.
- Prepare a retained earnings statement for 2017.
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