The following information is available for Splish Brothers Inc. for the year ended December 31, 2017: Loss on discontinued operations $74,000 Retained earnings January 1, 2017 $1,380,000 Rent revenue 89,000 Selling expenses 870,000 Income tax applicable to continuing Income tax applicable to loss on discontinued 295,000 27,000 operations operations Administrative expenses 524,000 Cost of goods sold 1,628,000 Loss on write-down of inventory 42,000 Sales revenue 3,750,000 Gain on sale of equipment 39,000 Cash dividends declared 219,000 Unrealized gain on available-for-sale 33,000 Interest expense 60,000 securities 200,000 shares were outstanding during all of 2017. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.45.) Splish Brothers Inc. Income Statement For the Year Ended December 31, 2017 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses 2$

The following information is available for Splish Brothers Inc. for the year ended December 31, 2017: Loss on discontinued operations $74,000 Retained earnings January 1, 2017 $1,380,000 Rent revenue 89,000 Selling expenses 870,000 Income tax applicable to continuing Income tax applicable to loss on discontinued 295,000 27,000 operations operations Administrative expenses 524,000 Cost of goods sold 1,628,000 Loss on write-down of inventory 42,000 Sales revenue 3,750,000 Gain on sale of equipment 39,000 Cash dividends declared 219,000 Unrealized gain on available-for-sale 33,000 Interest expense 60,000 securities 200,000 shares were outstanding during all of 2017. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.45.) Splish Brothers Inc. Income Statement For the Year Ended December 31, 2017 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses 2$

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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Question

The following information is available for Splish Brothers Inc. for the year ended December 31, 2017:
Loss on discontinued operations
$74,000
Retained earnings January 1, 2017
$1,380,000
Rent revenue
89,000
Selling expenses
870,000
Income tax applicable to loss on discontinued
Income tax applicable to continuing
operations
295,000
27,000
operations
Administrative expenses
524,000
Cost of goods sold
1,628,000
Loss on write-down of inventory
42,000
Sales revenue
3,750,000
Gain on sale of equipment
39,000
Cash dividends declared
219,000
Unrealized gain on available-for-sale
33,000
Interest expense
60,000
securities
200,000 shares were outstanding during all of 2017.
Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.45.)
Splish Brothers Inc.
Income Statement
For the Year Ended December 31, 2017
Sales Revenue
2$
Cost of Goods Sold
Gross Profit
Operating Expenses
Selling Expenses
Administrative Expenses
%24

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