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The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuin 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 Revenues Shares outstanding during 2025 were 100,000. Sales Revenue Rent Revenue Total Revenues 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) Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Discontinued Operations $115,900 91.500 292,800 Net Income/(Loss) 48.800 73,200 Earnings per Share of Common Stock Income before Income Tax Net Income/(Loss) BLUE INC. Income Statement For the Year Ended December 31, 2025 V Income from Continuing Operations v V V Loss on Discontinued Operations V v v Loss on Discontinued Operations v v Cash dividends declared $183,000 Retained earnings January 1, 2025 3,000,000 Cost of goods sold 1,037,000 Selling expenses Sales revenue V $ 2,318.000 BLUE INC. Comprehensive Income Statement 48,800 1,037,000 366.000 292,800 i 115,900 73,200 i Prepare a comprehensive income statement for 2025, using the two statement format. 366.000 2,318,000 2,366,800 1.695.800 671,000 42,700 713,700 228,140 485,560 (60,390) 425,170 0.61 4.86 4.25

The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuin 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 Revenues Shares outstanding during 2025 were 100,000. Sales Revenue Rent Revenue Total Revenues 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) Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Discontinued Operations $115,900 91.500 292,800 Net Income/(Loss) 48.800 73,200 Earnings per Share of Common Stock Income before Income Tax Net Income/(Loss) BLUE INC. Income Statement For the Year Ended December 31, 2025 V Income from Continuing Operations v V V Loss on Discontinued Operations V v v Loss on Discontinued Operations v v Cash dividends declared $183,000 Retained earnings January 1, 2025 3,000,000 Cost of goods sold 1,037,000 Selling expenses Sales revenue V $ 2,318.000 BLUE INC. Comprehensive Income Statement 48,800 1,037,000 366.000 292,800 i 115,900 73,200 i Prepare a comprehensive income statement for 2025, using the two statement format. 366.000 2,318,000 2,366,800 1.695.800 671,000 42,700 713,700 228,140 485,560 (60,390) 425,170 0.61 4.86 4.25

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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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 Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses 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) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from Continuing Operations Discontinued Operations Loss on Discontinued Operations Net Income /(Loss) Earnings per Share of Common Stock Loss on Discontinued Operations $115.900 Income before Income Tax 91.500 Net Income /(Loss) 292,800 48,800 73,200 BLUE INC. Income Statement For the Year Ended December 31, 2025 V V V Cash dividends declared v Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue V 2.318.000 BLUE INC. Comprehensive Income Statement 48.800 1.037.000 366,000 292,800 i 115,900 73,200 Prepare a comprehensive income statement for 2025, using the two statement format. $183,000 3,000,000 1,037,000 366,000 2,318,000 2,366,800 1,695,800 671,000 42,700 713,700 228,140 485,560 (60,390) 425,170 0.61 4.86 4.25
Transcribed Image Text: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 Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses 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) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from Continuing Operations Discontinued Operations Loss on Discontinued Operations Net Income /(Loss) Earnings per Share of Common Stock Loss on Discontinued Operations $115.900 Income before Income Tax 91.500 Net Income /(Loss) 292,800 48,800 73,200 BLUE INC. Income Statement For the Year Ended December 31, 2025 V V V Cash dividends declared v Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue V 2.318.000 BLUE INC. Comprehensive Income Statement 48.800 1.037.000 366,000 292,800 i 115,900 73,200 Prepare a comprehensive income statement for 2025, using the two statement format. $183,000 3,000,000 1,037,000 366,000 2,318,000 2,366,800 1,695,800 671,000 42,700 713,700 228,140 485,560 (60,390) 425,170 0.61 4.86 4.25
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