Reference no: EM131813575
Question - Various Reporting Formats
The following information was taken from the records of Gibson Inc. for the year 2010. Income tax applicable to income from continuing operations $119,000; 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
Loss on discontinued operations 75,000
Administrative expenses 240,000
Rent revenue 40,000
Extraordinary loss 60,000
Cash dividends declared $ 150,000
Retained earnings January 1, 2010 600,000
Cost of goods sold 850,000
Selling expenses 300,000
Sales 1,700,000
Shares outstanding during 2010 were 100,000.
Instructions -
Prepare a single-step income statement for 2010.
Prepare a retained earnings statement for 2010.
Show how comprehensive income is reported using the second income statement format.
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