The following information was taken from the records of Sheridan Inc. for the year 2020:
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.)
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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...
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...
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...
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...
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:...
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...
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...
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....
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...
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...
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...
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 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...
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