Question - Various Reporting Format
The following information was taken from the records of Gibson Inc. for the year 2012. Income tax applicable to income from continuing operations $119,000; 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, 2012
|
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
|
1,700,000
|
Shares outstanding during 2012 were 100,000.
(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 statement format.