Prepare comprehensive income statement

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Reference no: EM131356777

(Various reporting formats) The following information was taken from the records of Roland Carlson Inc for the year 2014. 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 $15,000. Extraordinary gain $95,000 Cash Dividend Declared 150,000 Loss on discontinued operations 75,000 Retained Earnings January 1,2014 600,000 Administrative expenses 240,000 Cost of Goods Sold 850,000 Rent revenue 40,000 Selling expenses 300,000 Extraordinary Loss 60,000 Sales Revenue 1,900,000 Shares Outstanding during 2014 were 100,000. Instructions: a. Prepare single -step income statement. b. Prepare comprehensive income statement for 2014, using two statement formats. c. Prepare a retained earnings statement for 2014.

Reference no: EM131356777

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