The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- common Cash dividends- preferred Common shares Cost of goods sold Depreciation expense Sales 1. 2. 3. $63,500 Operating expenses Your analysis reveals the following additional information: Sales 25,000 Cost of Goods Sold 318,500 7,250,000 347,000 9,017,000 Gross Profit Other comprehensive income-loss on equity investments (before income tax) Rent revenue Preferred shares ($5 noncumulative) Retained earnings, December 1, 2023 Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, e.g. 15.25.) The company has a 25% income tax rate. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $16,400 before income tax. The division was sold at a loss of $73,500 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. + Ĉ ; SUNLAND CORPORATION Income Statement Year Ended November 30, 2024 : $ $1,107,000 $ 77,000 45,000 387,000 738,000

The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- common Cash dividends- preferred Common shares Cost of goods sold Depreciation expense Sales 1. 2. 3. $63,500 Operating expenses Your analysis reveals the following additional information: Sales 25,000 Cost of Goods Sold 318,500 7,250,000 347,000 9,017,000 Gross Profit Other comprehensive income-loss on equity investments (before income tax) Rent revenue Preferred shares ($5 noncumulative) Retained earnings, December 1, 2023 Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, e.g. 15.25.) The company has a 25% income tax rate. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $16,400 before income tax. The division was sold at a loss of $73,500 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. + Ĉ ; SUNLAND CORPORATION Income Statement Year Ended November 30, 2024 : $ $1,107,000 $ 77,000 45,000 387,000 738,000

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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