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Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, eg. 1.48. Enter other revenue and gains before other expenses and losses)

Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, eg. 1.48. Enter other revenue and gains before other expenses and losses)

FINANCIAL ACCOUNTING
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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aing The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory (a) Shares outstanding during 2025 were 100,000. Revenues Your answer is partially correct. Sales Revenue Rent Revenue $115,900 Total Revenues 91,500 Expensés 292,800 48,800 73,200 Cost of Goods Sold Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue BLUE INC. Income Statement For the Year Ended December 31, 2025 2318000 48800 $183,000 3,000,000 -1037000 1,037,000 366,000 2,318.000 2366800
Transcribed Image Text:aing The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory (a) Shares outstanding during 2025 were 100,000. Revenues Your answer is partially correct. Sales Revenue Rent Revenue $115,900 Total Revenues 91,500 Expensés 292,800 48,800 73,200 Cost of Goods Sold Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue BLUE INC. Income Statement For the Year Ended December 31, 2025 2318000 48800 $183,000 3,000,000 -1037000 1,037,000 366,000 2,318.000 2366800
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