The following information was taken from the records of Roland Carlson Inc. for the year 2014: income tax applicable to income from continuing operations $187,000 income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available for sale securities $15,000.
Gain on sale of equipment: 95,000
Loss on discontinued operations: 75,000
Administrative Expenses 240,000
Rent Revenue 40,000
Loss on write down of inventory 60,000
Cash Dividends declared 150,000
Retained Earnings Jan 1st 2014 600,000
Cost of Goods Sold 850,000
Selling Expenses 300,000
Sales Revenues 1,900,000
Shares outstanding during 2014 were 100,000
Instructions:
1. prepare a single step income statement.
2. prepare a comprehensive income statement for 2014, using the two statement format.
3. prepare a retained earnings statement for 2014.