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Tutorial   14272

The following information was taken from the record of Gibson Inc, for the year 2012 income tax applicable to income from continuing operations $119,0...

Question:

The following information was taken from the record of Gibson Inc, for the year 2012 income tax applicable to income from continuing operations $119,000 income tax applicable to loss from discontinued of operation s $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 sales securities $15,000

Extraordinary gains                                                         $95,000 cash dividend declared               $150,000

Loss on discontinuation of operations                   $75,000 retained earnings January 1, 2012 600,000

Admission expenses                                                      240,000 Cost of goods sold                               850,000

Rent revenues                                                                  40,000 selling expense                                       300,000

Extraordinary loss                                                           60,000 Sales revenues                                    1,700,000

Shares outstanding during 2012 were                    100,000.

Instructions:

(a)          Prepare a single step income statement for 2012.

(b)          Prepare a Retained earnings statement for 2012.

(c)           Show how comprehensive income is reported using the second income format.

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ATTACHMENTS
e14-16.xlsx