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E4-16 (Various Reporting Formats) The following information

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E4-16

(Various Reporting Formats)
The following information was taken from the records of Gibson Inc. for the year 2010. Income tax applicable to income from continuing operations $119,000; 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, 2010 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 1,700,000
Shares outstanding during 2010 were 100,000.
(a) Prepare a single-step income statement for 2010.
(b) Prepare a retained earnings statement for 2010.
(c) Show how comprehensive income is reported using the second income statement format.

During 2010 Nielsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2012. The following information is available.

2010 2011 2012
Costs incurred to date $400,000 $825,000 $1,070,000
Estimated costs to complete 600,000 275,000 -0-
Billings to date 300,000 900,000 1,600,000
Collections to date 270,000 810,000 1,425,000
(a) Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used.
(b)Prepare all necessary journal entries for 2011.
(c) Compute the amount of gross profit to be recognized each year assuming the completed-contract method is used. (If no profit is recognized, please enter 0, do not leave any fields blank.)
Submitted: 5 years ago.
Category: Single Problem
Expert:  Neo replied 5 years ago.
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Expert:  Neo replied 5 years ago.
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