Prepare a single step and multi step irme statement. The following information was taken from the records of Marigold Inc. for the year 2025: Income tax applicable to income from continuing operations $160,820, income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on available-for-sale debt securities (net of tax) $12,900. Gain on sale of equipment $81,700 Cash dividends declared $129,000 Loss on discontinued operations 64,500 Retained earnings January 1, 2025 840,000 Administrative expenses 206,400 Cost of goods sold 731,000 Rent revenue 34,400 Selling expenses 258,000 Loss on write-down of inventory 51,600 Sales revenue 1,634,000 Shares outstanding during 2025 were 100,000. 1
Prepare a single step and multi step irme statement. The following information was taken from the records of Marigold Inc. for the year 2025: Income tax applicable to income from continuing operations $160,820, income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on available-for-sale debt securities (net of tax) $12,900. Gain on sale of equipment $81,700 Cash dividends declared $129,000 Loss on discontinued operations 64,500 Retained earnings January 1, 2025 840,000 Administrative expenses 206,400 Cost of goods sold 731,000 Rent revenue 34,400 Selling expenses 258,000 Loss on write-down of inventory 51,600 Sales revenue 1,634,000 Shares outstanding during 2025 were 100,000. 1
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter6: Accounting Quality
Section: Chapter Questions
Problem 2IC
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![Prepare a single step and multi step income statement.
The following information was taken from the records of Marigold Inc. for the year 2025: Income tax applicable to income from
continuing operations $160,820, income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on
available-for-sale debt securities (net of tax) $12,900.
Gain on sale of equipment
$81,700
Cash dividends declared
$129,000
Loss on discontinued operations
64,500
Retained earnings January 1, 2025
840,000
Administrative expenses
206,400
Cost of goods sold
731,000
Rent revenue
34,400
Selling expenses
258,000
Loss on write-down of inventory
51,600
Sales revenue
1,634,000
Shares outstanding during 2025 were 100,000.](https://content.bartleby.com/qna-images/question/c05c6b41-d261-4bb8-b341-446c7dd22751/626860bc-f846-43da-8422-793773607fdc/oxz9eq8_thumbnail.png)
Transcribed Image Text:Prepare a single step and multi step income statement.
The following information was taken from the records of Marigold Inc. for the year 2025: Income tax applicable to income from
continuing operations $160,820, income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on
available-for-sale debt securities (net of tax) $12,900.
Gain on sale of equipment
$81,700
Cash dividends declared
$129,000
Loss on discontinued operations
64,500
Retained earnings January 1, 2025
840,000
Administrative expenses
206,400
Cost of goods sold
731,000
Rent revenue
34,400
Selling expenses
258,000
Loss on write-down of inventory
51,600
Sales revenue
1,634,000
Shares outstanding during 2025 were 100,000.
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