Net income 278 14072500 860000 4000000 Rounded 2096250 4000000 Rounded 11976250

Net income 278 14072500 860000 4000000 rounded

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Net income 2.78 *** *(€14,072,500 – €860,000) ÷ 4,000,000. (Rounded) **€2,096,250 ÷ 4,000,000. (Rounded) ***(€11,976,250 – €860,000) ÷ 4,000,000. E4-17 (Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2015. Income tax applicable to income from continuing operations $119,000; income tax applicable to loss on discontinued operations $25,500; and unrealized holding gain on non-trading equity securities $15,000. Gain on sale of plant assets $ 95,000 Cash dividends declared $ 150,000
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Loss on discontinued operations 75,000 Retained earnings January 1, 2015 600,000 Administrative expenses 240,000 Cost of goods sold 850,000 Rent revenue 40,000 Selling expenses 300,000 loss on impairment of land 60,000 Sales revenue 1,7 00,000 Shares outstanding during 2015 were 100,000. Instructions (a) Prepare a comprehensive income statement for 2015, using the one statement format. (b) Prepare a retained earnings statement for 2015. 3 8 4 EXERCISE 4-17 (30–35 minutes) (a) VEGA INC. Statement of Comprehensive Income For the Year Ended December 31, 2015
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Sales .............................................................................................. ....................................................................................................... R$1,700,000 Cost of goods sold ....................................................................... 850,000 Gross profit ................................................................................... 850,000 Selling expenses .......................................................................... R$300,000 Administrative expenses ............................................................. 240,000 540,000 Other income and expense Gain on sale of plant assets .................................. 95,000 Rent revenue ........................................................... 40,000 Loss on impairment of land ................................... (60,000 ) 75,000 Income before income tax .............................................. 385,000 Income tax ........................................................................ 119,000
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