Prepare a single step income statement with respect to income from operations. The following information was taken from the records of Marigold Inc. for the year 2025: Income tax applicable to income fromcontinuing operations $160,820, income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain onavailable-for-sale debt securities (net of tax) $12,900.Gain on sale of equipmentLoss on discontinued operationsAdministrative expensesRent revenueLoss on write-down of inventory$81,70064,500206,40034,40051,600Shares outstanding during 2025 were 100,000.Cash dividends declaredRetained earnings January 1, 2025Cost of goods soldSelling expensesSales revenue$129,000840,000731,000258,0001,634,000

INCOME STATEMENTAn income statement is a financial report that depicts a company's income and…

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Prepare a single step income statement with respect to income from operations.

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

Prepare a single step income statement with respect to income from operations.

The following information was taken from the records of Marigold Inc. for the year 2025: Income tax applicable to income from
continuing operations $160,820, income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on
available-for-sale debt securities (net of tax) $12,900.
Gain on sale of equipment
Loss on discontinued operations
Administrative expenses
Rent revenue
Loss on write-down of inventory
$81,700
64,500
206,400
34,400
51,600
Shares outstanding during 2025 were 100,000.
Cash dividends declared
Retained earnings January 1, 2025
Cost of goods sold
Selling expenses
Sales revenue
$129,000
840,000
731,000
258,000
1,634,000

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