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Q1) The following information was taken from records of Roland Carlson Inc. for 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
Loss on discontinued operation 75,000
Administrative expenses 240,000
Rent revenue 40,000
Extraordinary loss 60,000
Cash dividends declared $150,000
Retained earnings January 1, 2007 600,000
Cost of goods sold 850,000
Selling expenses 300,000
Sales 1,900,000

Shares outstanding in 2007 were 100,000.

(a) Create single-step income statement for 2007.

(b) Create retained earnings statement for 2007.

(c) Illustrate how comprehensive income is reported using second income statement format.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919687

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