Reference no: EM132463399
The following pretax amounts are taken from the adjusted trial balance of Avoca Auto Corp. at December 31, 2020, its annual year-end.
Sales revenue $520,000
Cost of goods sold 220,000
Operating expenses 160,000
Gain on debt retirement 40,000
Interest expense 16,000
Loss from discontinued operations 100,000
Retained earnings balance, December 31,2019 60,000
Dividends declared and paid 50,000
Unrealized holding gain on debt investment securities, net of tax 8,000
Common stock, weighted average shares outstanding 20,000 shares
Required
Question a. Prepare a single-step income statement. Assume an average 25% tax rate on all items. Include earnings per share disclosures.
Question b. Prepare a comprehensive income statement by showing a separate but consecutive statement of comprehensive income. Ignore earnings per share disclosures.
Question c. Compute the ending retained earnings balance at December 31, 2020. . Enter revenues and gains and expenses and losses in the order of the largestdollar amount to the smallest dollar amount.
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