Solution-Prepare a retained earnings statement

Prepare a retained earnings statement

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Reference no: EM133112587

Question - The following information was taken from the records of Sunland Inc. for the year 2020: Income tax applicable to income from continuing operations $194,480; income tax applicable to loss on discontinued operations $26,520, and unrealized holding gain on available-for-sale securities (net of tax) $15,600.

Gain on sale of equipment	$98,800	Cash dividends declared	$156,000
Loss on discontinued operations	78,000	Retained earnings January 1, 2020	1,920,000
Administrative expenses	249,600	Cost of goods sold	884,000
Rent revenue	41,600	Selling expenses	312,000
Loss on write-down of inventory	62,400	Sales Revenue	1,976,000

Shares outstanding during 2020 were 100,000.

Required -

Part 1 - Prepare a single-step income statement (with respect to items in Income from operations).

Part 2 - Prepare a comprehensive income statement for 2020, using the two-statement format.

Part 3 - Prepare a retained earnings statement for 2020. (List items that increase retained earnings first.)

Reference no: EM133112587

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Prepare a retained earnings statement

Reference no: EM133112587

Reference no: EM133112587

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