The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- $69,000 Operating expenses $1,118,000 common Cash 25,000 dividends- Other comprehensive income-loss on equity investments [before income tax) preferred 88,000 Common 324,000 Rent revenue 56,000 shares Cost of goods sold 7,360,000 Preferred shares ($5 noncumulative) 398,000 Depreciation 358,000 Retained earnings, December 1, 2023 749,000 expense Sales 9,028,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. 3. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $18,600 before income tax. The division was sold at a loss of $79,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, eg. 15.25.)
The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- $69,000 Operating expenses $1,118,000 common Cash 25,000 dividends- Other comprehensive income-loss on equity investments [before income tax) preferred 88,000 Common 324,000 Rent revenue 56,000 shares Cost of goods sold 7,360,000 Preferred shares ($5 noncumulative) 398,000 Depreciation 358,000 Retained earnings, December 1, 2023 749,000 expense Sales 9,028,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. 3. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $18,600 before income tax. The division was sold at a loss of $79,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, eg. 15.25.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
h4
Transcribed Image Text:The ledger of Sunland Corporation at November 30, 2024, contains the following summary data:
Cash
dividends-
$69,000
Operating expenses
common
Cash
dividends-
$1,118,000
25,000
Other comprehensive income-loss on equity investments [before income tax)
88,000
preferred
Common
324,000
Rent revenue
shares
Cost of goods
sold
7,360,000
Preferred shares ($5 noncumulative)
Depreciation
358,000
Retained earnings, December 1, 2023
expense
Sales
9,028,000
Your analysis reveals the following additional information:
1.
The company has a 25% income tax rate
2.
56,000
398,000
749,000
3.
The communications devices division was discontinued on August 31. The profit from operations for the division up to
that day was $18,600 before income tax. The division was sold at a loss of $79,000 before income tax.
There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year.
Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, eg. 15.25.}
>
SUNLAND CORPORATION
Income Statement
$
$
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