E4-16 Answer - $336,600 Per Share of Common Stock: Income...

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Roland Carlson Inc, Income Statement For the year Ended December 31, 2007 Revenues: Sales $1,900,000 Rent Revenue 40,000 $1,940,000 Expenses: Cost of Goods Sold $850,000 Selling Expenses 300,000 Administrative Expenses 240,000 1,390,000 Income from Continuing Operations before Tax $550,000 Less: Income Taxes 187,000 Income from Continuing Operations $363,000 Discontinued Operations: Loss on Discontinued Operations $75,000 Less: Applicable Income Tax Reduction 25,500 $49,500 Income before Extraordinary Items $313,500 Extraordinary Items: Extraordinary Gain $95,000 Less: Applicable Income Tax 32,300 $62,700 $376,200 Extraordinary Loss: $60,000 Less: Applicable Income Tax Reduction 20,400 39,600 Net Income
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Unformatted text preview: $336,600 Per Share of Common Stock: Income from Continuing Operations $3.63 Loss on Discontinued Operations, net of Taxes $0.495 Income before Extraordinary Items $3.14 Extraordinary Gain, net of taxes $0.63 Extraordinary Loss, net of taxes $0.40 Net Income $3.37 Roland Carlson Inc, Retained Earnings Statement For the year Ended December 31, 2007 Retained Earnings, Beginning $600,000 2007 Net Income $336,600 $936,600 Dividends Declared ($150,000) Retained Earnings, Ending $786,600 Roland Carlson Inc, Statement of Comprehensive Income For the year Ended December 31, 2007 Net Income $336,600 Unrealized Holding Gain $15,000 Comprehensive Income $351,600...
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This note was uploaded on 09/20/2008 for the course ACC 349 taught by Professor Christie during the Spring '08 term at University of Phoenix.

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E4-16 Answer - $336,600 Per Share of Common Stock: Income...

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