Question

Accounting, Analysis, and Principles a1-a3

Sunland Inc. provided the following information for the year 2020.
* Accounting, Analysis, and Principles a1-a3 Sunland Inc. provided the following information for the year 2020. Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities $ 624,000 249,600 312,000 1,976,000 83,200 884,000 114,400 106,808 17,680 194,480 62,920 2,080 Prepare a single-step income statement for 2020. Shares outstanding during 2020 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.) SUNLAND, INC. Income Statement For the Year Ended Decem Revenues Sales Revenue 1,976,000 Rent Revenue 106,808 Total Revenues 12,082,808 Expenses Cost of Goods Sold 884,000 Selling Expenses 312,000 Administrative Expenses 249,600 Total Expenses 1,445,600 Income From Continuing 637,208 Income From Continuing $L Other Comprehensive Inc Net Income Loss

Answer 1

Sunland Inc.
Income statement
For the Year Ended Dec 31, 2020
Revenues
Sales		$ 1,976,000
Rent revenue		$      106,808
Total revenues			$    2,082,808
Expenses
Cost of goods sold		$      884,000
Selling expenses		$      312,000
Administrative expenses		$      249,600
Total expenses			$    1,445,600
Income from operations			$        637,208
Other Revenues and Gains
Gain on sale of equipment (if any)			$                     0
Other expense and losses
Inventory loss written down (less)			$                     0
Income from continuing operation before income tax			$        637,208
Income tax			$        194,480
Income from continuing operations			$        442,728
Discontinued operations
Loss on discontinued operations		$      114,400
Less: Applicable income tax reduction in benefits		$        62,920	$          51,480
Net income			$        391,248
Per share of common stock:
Income from continuing operations (442728/100000)			$               4.43
Loss on discontinued operations, net of tax (51480/100000)			$            (0.51)
Net income			$               3.92
Sunland Inc.
COMPREHENSIVE INCOME STATEMENT
For the Year Ended Dec 31, 2020
Net income			$        391,248
Other comprehensive income
Unrealized holding gain, net of tax (17680-2080)			$          15,600
Comprehensive income			$        406,848
Sunland Inc.
Retained earnings
For the Year Ended Dec 31, 2020
Retained earnings, Jan 1, 2020			$        624,000
Add: Net income			$        391,248
			$    1,015,248
Less: Dividends declared			$          83,200
Retained earnings, Dec 31, 2020			$        932,048