The following information was taken from the records of Sheridan Inc. for the year 2020: Income tax applicable to income from continuing operations $172,040; income tax applicable to loss on discontinued operations $23,460, and unrealized holding gain on available-for-sale securities (net of tax) $13,800.
Gain on sale of equipment $87,400
Cash dividends declared $138,000
Loss on discontinued operations 69,000
Retained earnings January 1, 2020 1,200,000
Administrative expenses 220,800
Cost of goods sold 782,000
Rent revenue 36,800
Selling expenses 276,000
Loss on write-down of inventory 55,200
Sales Revenue 1,748,000
Shares outstanding during 2020 were 100,000.
Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.)
The following information was taken from the records of Sheridan Inc. for the year 2020:
The following information was taken from the records of Tamarisk Inc. for the year 2020: Income tax applicable to income from continuing operations $205,700; income tax applicable to loss on discontinued operations $28,050, and unrealized holding gain on available-for-sale securities (net of tax) $16,500. Gain on sale of equipment $104,500 Cash dividends declared $165,000 Loss on discontinued operations 82,500 Retained earnings January 1, 2020 2,280,000 Administrative expenses 264,000 Cost of goods sold 935,000 Rent revenue 44,000 Selling expenses 330,000 Loss...
The following information was taken from the records of Metlock Inc. for the year 2020: Income tax applicable to income from continuing operations $183,260; income tax applicable to loss on discontinued operations $24,990, and unrealized holding gain on available-for-sale securities (net of tax) $14,700. Gain on sale of equipment $93,100 Cash dividends declared $147,000 Loss on discontinued operations 73,500 Retained earnings January 1, 2020 1,560,000 Administrative expenses 235,200 Cost of goods sold 833,000 Rent revenue 39,200 Selling expenses 294,000 Loss...
The following information was taken from the records of Blue Inc. for the year 2020: Income tax applicable to income from continuing operations $228,140; income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for-sale securities (net of tax) $18,300. Gain on sale of equipment $115,900 Cash dividends declared $183,000 Loss on discontinued operations 91,500 Retained earnings January 1, 2020 3,000,000 Administrative expenses 292,800 Cost of goods sold 1,037,000 Rent revenue 48,800 Selling expenses 366,000 Loss...
The following information was taken from the records of Blue Inc. for the year 2020: Income tax applicable to income from continuing operations $228,140; income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available for sale securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $115,900 91,500 292,800 48,800 73.200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods...
5. The following information was taken from the records of Cartoons Inc. for the year 2020: • Income tax applicable to income from continuing operations $261,800; Income tax applicable to loss on discontinued operations 535,700; Income tax applicable to unusual gain $45,220: Income tax applicable to unusual loss $28,560; and Unrealized holding gain on available-for-sale securities $21,000. Unusual gain Loss on discontinued operations Administrative expenses Rent revenue Unusual loss $ 133,000 105,000 336,000 56,000 84,000 Cash dividends declared Retained earings...
The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209,440; income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale securities (net of tax) $16,800. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $106,400 84,000 268,800 44,800 67,200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling...
The following information was taken from the records of Swifty Inc. for the year 2017: Income tax applicable to income from continuing operations $183,022; income tax applicable to loss on discontinued operations $28,934, and unrealized holding gain on available-for-sale securities (net of tax) $24,700 Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $97,900 85,100 242,900 49,900 69,100 Cash dividends declared Retained earnings January 1, 2017 Cost of goods sold Selling...
Exercise 4-17 (Part Level Submission) The following information was taken from the records of Whispering Inc. for the year 2020: Income tax applicable to income from continuing operations $243,100; income tax applicable to loss on discontinued operations $33,150, and unrealized holding gain on available-for-sale securities (net of tax) $19,500. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $123,500 97,500 312,000 52,000 78,000 Cash dividends declared Retained earnings January 1, 2020...
The following information was taken from the records of Blossom Inc for the year 2020: Income tax applicable to income from continuing operations $231,880; income tax applicable to loss on discontinued operations $31,620, and unrealized holding gain on available-for-sale securities (net of tax) $18.600. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $117,800 93,000 297,600 49,600 74,400 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling...
Counting Crows Inc. provided the following information for the year 2020. Retained earnings, January 1, 2020 $ 600,000 Administrative expenses 240,000 Selling expenses 300,000 Sales revenue 1,900,000 Cash dividends declared 80,000 Cost of goods sold 850,000 Loss on discontinued operations 110,000 Rent revenue 102,700 Unrealized holding gain on available-for-sale debt securities 17,000 Income tax applicable to continuing operations 187,000 Income tax benefit applicable to loss on discontinued operations 60,500 Income tax applicable to unrealized holding gain on available-for-sale debt securities...