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The following information was taken from the records of Skysong Inc. for the year 2017: Income...

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Accounting

The following information was taken from the records of SkysongInc. for the year 2017: Income tax applicable to income fromcontinuing operations $174,148; income tax applicable to loss ondiscontinued operations $28,322, and unrealized holding gain onavailable-for-sale securities (net of tax) $18,000.

Gain on sale of equipment$98,100Cash dividends declared$160,700
Loss on discontinued operations83,300Retained earnings January 1, 2017625,400
Administrative expenses246,100Cost of goods sold879,200
Rent revenue44,500Selling expenses289,400
Loss on write-down of inventory65,700Sales Revenue1,850,000


Shares outstanding during 2017 were 105,300.

Prepare a single-step income statement. (Roundearnings per share to 2 decimal places, e.g.1.48.)

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4.4 Ratings (706 Votes)
Answer A singlestep income statement are as follows Particular Amount Sales Revenue 1850000 Add Rent Revenue 44500 Total Revenue 1894500 Less Expense Cost of goods sold 879200 Selling Expense 289400    See Answer
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