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Counting Crows, Inc. provided the following information for the year 2013. Using the information below, prepare Counting Crows 2013 income statement, and answer the questions below. Counting Crows has a tax rate of 35% for 2013. All items are shown pre-tax. Shares outstanding during 2011 were 100,000.
Retained earnings, January 1, 2013
$600,000
Administrative expenses
240,000
Selling expenses
300,000
Sales revenue
1,900,000
Cash dividends declared and paid (includes $25,000 of preferred dividends)
80,000
Cost of goods sold
850,000
Extraordinary gain
95,000
Rent revenue
40,000
Unrealized holding gain on available for sale securities
17,000
a. What is Counting Crows' comprehensive income for the year ended 2013? [Hint - as we discussed with IBM, this is a combination of the regular income statement and other comprehensive income statement. The best way to answer this question is to prepare a statement that combines the regular income statement with the other comprehensive statement of income.]
b. What is the ending balance of Retained Earnings? Show calculations.
c. Assume Counting Crows is considering closing a manufacturing plant during 2014. Under what circumstances would the company report the 2014 net income from this plant above the line in 2014?
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