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The following information was taken from the records of Sheridan Inc. for the year 2025: Income tax applicable to income from continuing operations $172,040, income tax applicable to loss on discontinued operations $23,460, and unrealized holding gain on available-for-sale debt securities (net of tax) $13.800. Gain on sale of equipment Loss on discontinued operations Administrative expenses $87,400 69,000 220,800 Rent revenue 36,800 Loss on write-down of inventory 55,200 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $138,000 1,200,000 782,000 276,000 1,748,000

The following information was taken from the records of Sheridan Inc. for the year 2025: Income tax applicable to income from continuing operations $172,040, income tax applicable to loss on discontinued operations $23,460, and unrealized holding gain on available-for-sale debt securities (net of tax) $13.800. Gain on sale of equipment Loss on discontinued operations Administrative expenses $87,400 69,000 220,800 Rent revenue 36,800 Loss on write-down of inventory 55,200 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $138,000 1,200,000 782,000 276,000 1,748,000

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 Sheridan Inc. for the year 2025: Income tax applicable to income from continuing operations $172,040, income tax applicable to loss on discontinued operations $23,460, and unrealized holding gain on available-for-sale debt securities (net of tax) $13,800. Gain on sale of equipment Loss on discontinued operations Administrative expenses $87,400 69,000 220,800 Rent revenue Loss on write-down of inventory 55,200 (a) 36,800 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1.2025 Cost of goods sold Selling expenses Sales revenue $138,000 1,200,000 782,000 276,000 1,748,000
Transcribed Image Text:The following information was taken from the records of Sheridan Inc. for the year 2025: Income tax applicable to income from continuing operations $172,040, income tax applicable to loss on discontinued operations $23,460, and unrealized holding gain on available-for-sale debt securities (net of tax) $13,800. Gain on sale of equipment Loss on discontinued operations Administrative expenses $87,400 69,000 220,800 Rent revenue Loss on write-down of inventory 55,200 (a) 36,800 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1.2025 Cost of goods sold Selling expenses Sales revenue $138,000 1,200,000 782,000 276,000 1,748,000
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) SHERIDAN INC. Income Statement
Transcribed Image Text: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) SHERIDAN INC. Income Statement
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