Financial Reporting I
E4 17 (Various reporting formats) The following information was taken from the records of Roland Carlson Inc for the year 2014. Income Tax applicable to income from continuing operations $187,000; income tax applicable to loss on discontinued operations $25,500; income tax applicable to extraordinary gain $32,300; income tax applicable to extraordinary loss $20,400; and unrealized holding gain on available for sale securities $15,000.
Extraordinary gain $95,000
Cash Dividend Declared 150,000
Loss on discontinued operations 75,000
Retained Earnings January 1,2014 600,000
Administrative expenses 240,000
Cost of Goods Sold 850,000
Rent revenue 40,000
Selling expenses 300,000
Extraordinary Loss 60,000
Sales Revenue 1,900,000
Shares Outstanding during 2014 were 100,000.
Instructions:
a. Prepare single step income statement.
b. Prepare comprehensive income statement for 2014, using two statement format.
c. Prepare a retained earnings statement for 2014.