The following information was taken from the records of Swifty Inc. for the year 2025: Income tax applicable to income fromcontinuing operations $314,840; income tax applicable to loss on discontinued operations $37,400; income tax applicable to unusualgain $40,800; income tax applicable to unusual loss $27,200; and unrealized holding gain on available-for-sale securities, net of taxes,$23,000.Unusual gain$120,000Cash dividends declared$210,000Loss on discontinued operations110,000Retained earnings January 1, 2025780,000Administrative expenses310,000Cost of goods sold1,100,000Rent revenue56,000Selling expenses420,000Unusual loss80,000Sales2,700,000Shares outstanding during 2025 were 100,000.(a)Prepare a single-step income statement for 2025. (Round earnings per share to 2 decimal places, eg. 1.48.)SWIFTY INC.Income Statement

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Prepare a single-step income statement for 2025. (Round earnings per share to 2 decimal places, e.g. 1.48.)

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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Question

The following information was taken from the records of Swifty Inc. for the year 2025: Income tax applicable to income from
continuing operations $314,840; income tax applicable to loss on discontinued operations $37,400; income tax applicable to unusual
gain $40,800; income tax applicable to unusual loss $27,200; and unrealized holding gain on available-for-sale securities, net of taxes,
$23,000.
Unusual gain
$120,000
Cash dividends declared
$210,000
Loss on discontinued operations
110,000
Retained earnings January 1, 2025
780,000
Administrative expenses
310,000
Cost of goods sold
1,100,000
Rent revenue
56,000
Selling expenses
420,000
Unusual loss
80,000
Sales
2,700,000
Shares outstanding during 2025 were 100,000.
(a)
Prepare a single-step income statement for 2025. (Round earnings per share to 2 decimal places, eg. 1.48.)
SWIFTY INC.
Income Statement

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