Various Reporting Formats
The following information was taken from the records of Roland Carlson Inc. for the year 2007. Income tax applicable to income from continuing operations $187,000; 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, 2010 | 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 | 1,900,000 |
Shares outstanding during 2007 were 100,000.
Instructions
(a) Prepare a single-step income statement for 2007.
(b) Prepare a retained earnings statement for 2007.
(c) Show how comprehensive income is reported using the second income statement format.
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