Prepare a single-step income statement
Not what you're looking for?
I have submitted some assignments for your review. This question is similar to a question on the exam. I will need this question answered so I can use for my exam and future homework assignments.
(Various Reporting Formats) The following information was taken from the records
of Roland Carlson Inc. for the year 2004. 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.
Cash dividends $ 150,000
declared
Extraordinary gain $ 95,000
Retained earnings 600,000
January 1, 2004
Loss on discontinued 75,000
operations
Administrative 240,000 Cost of goods sold 850,000
expenses
Rent revenue 40,000 Selling expenses 300,000
Extraordinary loss 60,000 Sales 1,900,000
Shares outstanding during 2004 were 100,000.
Instructions
a. Prepare a single-step income statement for 2004.
b. Prepare a retained earnings statement for 2004.
c. Show how comprehensive income is reported using the second income statement
format.
Purchase this Solution
Solution Preview
Hi there,
Please see the attached Excel spreadsheet with the single ...
Purchase this Solution
Free BrainMass Quizzes
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.
Operations Management
This quiz tests a student's knowledge about Operations Management
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.