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problem: The following data was taken from the records of Roland Carlson Company, 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 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.

Instructions; 
make a single-step income statement for 2007.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922593

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