Exercise 4-17 (Part Level Submission) The following information was taken from the records of Swifty Inc. for the year 2017: Income tax applicable to income from continuing operations $132,906; income tax applicable to loss on discontinued operations $26,588, and unrealized holding gain on available-for-sale securities (net of tax) $21,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses $97,200 78,200 247,800 46,000 64,200 Rent revenue Loss on write-down of inventory Shares outstanding during 2017 were 105,200. Cash dividends declared Retained eamings January 1, 2017 Cost of goods sold Selling expenses Sales Revenue $155,200 644,700 857,100 302,100 1,718,900

Exercise 4-17 (Part Level Submission) The following information was taken from the records of Swifty Inc. for the year 2017: Income tax applicable to income from continuing operations $132,906; income tax applicable to loss on discontinued operations $26,588, and unrealized holding gain on available-for-sale securities (net of tax) $21,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses $97,200 78,200 247,800 46,000 64,200 Rent revenue Loss on write-down of inventory Shares outstanding during 2017 were 105,200. Cash dividends declared Retained eamings January 1, 2017 Cost of goods sold Selling expenses Sales Revenue $155,200 644,700 857,100 302,100 1,718,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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