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Luda [366]
2 years ago
13

The following information was taken from the records of Marigold Inc. for the year 2020: Income tax applicable to income from co

ntinuing operations $160,820; income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on available-for-sale securities (net of tax) $12,900.
Gain on sale Of equipment $81,700
Loss on discontinued operations 64,500
Administrative expenses 206,400
Rent revenue 34,400
Loss on write-down of inventory 51,600

Cash dividends declared $129,000
Retained earnings January 1, 2020 840,000
Cost of goods sold 731,000
Selling expenses 258,000
Sales Revenue 1634,000

Shares outstanding during 2020 were 100,000.

Required:
Prepare a single-step income statement (with respect to items in Income from operations)
Business
1 answer:
ivolga24 [154]2 years ago
5 0

Answer:

Net income is $312,610.

Explanation:

This can then be prepared as follows:

Marigold Inc.

Single-Step Income Statement

For the Year 2020

<u>Particulars                                                               $                        $ </u><u>        </u>

<u>Revenue</u>

Sales Revenue                                               1,634,000

Rent revenue                                                      34,400

Gain on sale Of equipment                          <u>      81,700  </u>

Total revenue                                                                          1,750,100

<u>Expenses</u>

Cost of goods sold                                         (731,000)

Selling expenses                                           (258,000)

Administrative expenses                              (206,400)

Loss on write-down of inventory               <u>     (51,600)  </u>

Total expenses                                                                  <u>   (1,247,000)  </u>

Operating income before tax                                                 503,100

Tax on income from continuing

operations                                                                         <u>     (160,820)  </u>

Income from operation after tax                                           342,280

<u>Other income (loss ) (net of tax) </u>

Unrealized holding gain on

available-for-sale securities (net of tax)                               <u>   12,900  </u>

Income from continuing operations

after tax                                                                                   355,180  

<u>Discontinued operations</u>

Loss on discontinued operations

before tax                                                        (64,500)

Tax on loss on discontinued operations       <u>  21,930  </u>

Loss on discontinued operations after tax                        <u>   (42,570)  </u>

Net income                                                                          <u>    312,610  </u>

Earning per share

(Net income / Number of Shares outstanding)                           3.13

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