E4-16 (Various Reporting Formats) 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 Cash dividends declared $ 150,000
Loss on discontinued operations 75,000 Retained earnings January 1, 2007 600,000
Administrative expenses 240,000 Cost of goods sold 850,000
Rent revenue 40,000 Selling expenses 300,000
Extraordinary loss 60,000 Sales 1,900,000
Shares outstanding during 2007 were 100,000.
(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.
Gastonia, North CarolinaAlready Tried:
I have been just studying my school textbook but was unable to come up with a good answer.
THIS ANSWER IS LOCKED!You can view this answer by clicking here to Register or Login and paying $3. If you've already paid for this answer, simply Login.
More than 5000 online tutoring sessions.