Splish Inc. provided the following information for the year 2020. $ Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities 756,000 302,400 378,000 2,394,000 100,800 1.071,000 138,600 129,402 21,420 235,620 76,230 2,520 SPLISH, INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue $ 2394000 Rent Revenue 100800 Total Revenues 2494800 Expenses Cost of Goods Sold 1071000 Selling Expenses 378000 Administrative Expenses 302400 Total Expenses Income From Continuing Operations Before Income Tax Income From Continuing Operations Less : Applicable Income Tax Reduction Income From Continuing Operations Income From Continuing Operations Other Comprehensive Income Net Income / (Loss) . Your answer is incorrect. Prepare a retained earnings statement for 2020. Shares outstanding during 2020 were 100,000. (List items that increase retained earnings first.) SPLISH, INC. Retained Earnings Statement For the Year Ended December 31, 2020 e Textbook and Media X Your answer is incorrect. Prepare a statement of comprehensive income using the two statement format. Shares outstanding during 2020 were 100,000. SPLISH, INC. Statement of Comprehensive Income e Textbook and Media

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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Splish Inc. provided the following information for the year 2020. $ Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities 756,000 302,400 378,000 2,394,000 100,800 1.071,000 138,600 129,402 21,420 235,620 76,230 2,520 SPLISH, INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue $ 2394000 Rent Revenue 100800 Total Revenues 2494800 Expenses Cost of Goods Sold 1071000 Selling Expenses 378000 Administrative Expenses 302400 Total Expenses Income From Continuing Operations Before Income Tax Income From Continuing Operations Less : Applicable Income Tax Reduction Income From Continuing Operations Income From Continuing Operations Other Comprehensive Income Net Income / (Loss) . Your answer is incorrect. Prepare a retained earnings statement for 2020. Shares outstanding during 2020 were 100,000. (List items that increase retained earnings first.) SPLISH, INC. Retained Earnings Statement For the Year Ended December 31, 2020 e Textbook and Media X Your answer is incorrect. Prepare a statement of comprehensive income using the two statement format. Shares outstanding during 2020 were 100,000. SPLISH, INC. Statement of Comprehensive Income e Textbook and Media

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