Single step income statement and retained earnings statement

Assignment Help Accounting Basics

Reference no: EM1319601

The following information was taken from the records of Roland Carlson Inc. for the year 2007. Income tax applicable to income from continuing operations $187,000; income tax applicable to loss on discontinued operations $25,500; Income tax applicable to extraordinary gain $32,300; Income tax applicable to extraordinary loss $20,400; and unrealized holding gain on available-for-sale securities $15,000.

Extraordinary gain	$95,000
Loss on discontinued operation	75,000
Administrative expenses	240,000
Rent revenue	40,000
Extraordinary loss	60,000
Cash dividends declared	$150,000
Retained earnings January 1, 2007	600,000
Cost of goods sold	850,000
Selling expenses	300,000
Sales	1,900,000

Shares outstanding during 2007 were 100,000.

Instructions:

a) Prepare a single-step income statement for 2007.

b) Prepare a retained earnings statement for 2007.

c) Show how comprehensive income is reported using the second income statement format.

Reference no: EM1319601

Questions Cloud

Objective questions based on regression : Objective questions based on regression.

Related to the polygon : Assume n=3 and P has positive area. Explain how to determine efficiently whether exactly one of the point’s q and r falls inside of P. Analyze how much time is utilized.

Determine population average-confidence interval : Find a 90% confidence interval for the population average µ of the percentage of hospitals providing at least some charity care.

Determining confidence interval for true time battery pack : Determine a 95% confidence interval for true time battery pack can function before having to be recharged.

Single step income statement and retained earnings statement : The following information was taken from the records of Roland Carlson Inc. for the year 2007. Income tax applicable to income from continuing operations $187,000-Prepare a single-step income statement for 2007. Prepare a retained earnings statemen..

Objective questions based on regression : Objective questions based on regression.

Distributed scheduling algorithms : The receiver initiated the distributed scheduling algorithms assumed task pre-emption at sender site. Devise an approach, that is receiver-initiated however non pre-emptive.

Percent of the observations-probability : The mean of a normal probability distribution is 60; the standard deviation is 5.

Determining the standard error of students : Determine the standard error of students that favoured the move.

User Account

All Pages