The following information was taken from the records of Evelyn Roberts Inc. for the year 2008:
Extraordinary gain from expropriation $95,000
Loss on discontinuance of Micron Division 75,000
Administrative expenses 240,000
Rent Revenue 40,000
Extraordinary loss - flood 60,000
Cash dividends declared 70,000
Retained earnings, January 1, 2008 600,000
Cost of goods sold 850,000
Selling expenses 300,000
Sales 1,900,000
The following information was also available: income tax applicable to income from continuing operations, $187,000; income tax applicable to loss on discontinuance of Micron Division, $25,000; income tax applicable to extraordinary gain from expropriation, $29,000; income tax applicable to extraordinary loss from a flood, $18,000. Shares outstanding during 2008 were 25,000.
a) Prepare a single-step income statement for 2008.
b) Prepare a combined single-step income and retained earnings statement.
Bonus points would be awarded for the best answer. =)
2007-10-13
06:49:13
·
2 answers
·
asked by
Nathe C
1
in
Other - Business & Finance