The following information was taken from the records of Skysong Inc. for the year 2025: Income tax applicable to income from continuing operations $168.300, income tax applicable to loss on discontinued operations $22,950, and unrealized holding gain on available-for-sale debt securities (net of tax) $13,500. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $85,500 67,500 216,000 36,000 54,000 00.000 Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $135,000 1,080,000 765,000 270,000 1,710,000
The following information was taken from the records of Skysong Inc. for the year 2025: Income tax applicable to income from continuing operations $168.300, income tax applicable to loss on discontinued operations $22,950, and unrealized holding gain on available-for-sale debt securities (net of tax) $13,500. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $85,500 67,500 216,000 36,000 54,000 00.000 Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $135,000 1,080,000 765,000 270,000 1,710,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject:
![The following information was taken from the records of Skysong Inc. for the year 2025: Income tax applicable to income from
continuing operations $168,300, income tax applicable to loss on discontinued operations $22,950, and unrealized holding gain on
available-for-sale debt securities (net of tax) $13,500.
Gain on sale of equipment
Loss on discontinued operations
Administrative expenses
Rent revenue
Loss on write-down of inventory
$85,500
67,500
216,000
36,000
54,000
Shares outstanding during 2025 were 100,000.
Cash dividends declared
Retained earnings January 1, 2025
Cost of goods sold
Selling expenses
Sales revenue
$135,000
1,080,000
765,000
270,000
1.710,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7fe5a73-45e4-4166-8ba1-50e355550dfc%2F03179fa5-89fe-410a-9213-d329b5f72274%2Feipdoqd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information was taken from the records of Skysong Inc. for the year 2025: Income tax applicable to income from
continuing operations $168,300, income tax applicable to loss on discontinued operations $22,950, and unrealized holding gain on
available-for-sale debt securities (net of tax) $13,500.
Gain on sale of equipment
Loss on discontinued operations
Administrative expenses
Rent revenue
Loss on write-down of inventory
$85,500
67,500
216,000
36,000
54,000
Shares outstanding during 2025 were 100,000.
Cash dividends declared
Retained earnings January 1, 2025
Cost of goods sold
Selling expenses
Sales revenue
$135,000
1,080,000
765,000
270,000
1.710,000
![Prepare a comprehensive income statement for 2025, using the two statement format.
SKYSONG INC.
Comprehensive Income Statement
For the Year Ended December 31, 2025
>
<
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7fe5a73-45e4-4166-8ba1-50e355550dfc%2F03179fa5-89fe-410a-9213-d329b5f72274%2Fda5kv15_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare a comprehensive income statement for 2025, using the two statement format.
SKYSONG INC.
Comprehensive Income Statement
For the Year Ended December 31, 2025
>
<
$
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