(Various Reporting Formats)
The following information was taken from the records of Gibson Inc. for the year 2012. 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 Cash dividends declared $150,000
Loss on discontinued operations 75,000 Retained earnings, January 1, 2012 600,000
Administrative expenses 240,000 Cost of goods sold 850,000
Rent revenue 40,000 Selling expenses 300,000
Extraordinary loss 60,000 Sales 1,700,000
Shares outstanding during 2012 were 100,000.
(a) Prepare a single-step income statement for 2012. (Round per share common stock to 2 decimal places, e.g. 5.25 and all other answers to zero decimal places, e.g. 2,250. For per share common stock use either a negative sign preceding the number, e.g. -0.45 or parenthesis, e.g. (0.45) for negative numbers. Enter all other amounts as positive amounts and subtract where necessary. List multiple entries from largest to smallest amount, e.g. 10, 5, 2.)
Recently Asked Questions
- What are the major types of air masses or fronts that we experience in North America?
- What economic impact does the implementation of HIPAA have on healthcare providers?
- What is the predominant cyclonic activity in the region in which you live? How do you prepare for this type of adverse weather pattern?