Please do not give solution in image format thanku The following information was taken from the records of Sheridan Inc. for the year 2025: Income tax applicable to income fromcontinuing operations $172,040, income tax applicable to loss on discontinued operations $23,460, and unrealized holding gain onavailable-for-sale debt securities (net of tax) $13,800.Gain on sale of equipmentLoss on discontinued operationsAdministrative expenses$87,40069,000220,800Rent revenueLoss on write-down of inventory 55,200(a)36,800Shares outstanding during 2025 were 100,000.Cash dividends declaredRetained earnings January 1.2025Cost of goods soldSelling expensesSales revenue$138,0001,200,000782,000276,0001,748,000 Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimalplaces, e.g. 1.48. Enter other revenue and gains before other expenses and losses)SHERIDAN INC.Income Statement

Income Statement - Income Statement includes income earned and expenses incurred during the…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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