0 Holister Electric Inc. 29 Marks Income Statement For the Year Ended December 31, 2021 Sales Revenue $690,000 Less: Sales Retuns & Allowan 10,000 Sales Discount 8,000 18.000 Net Sales 672,000 Cost of Goods Sold 310.500 Gross Profit 361,500 176.300 185,200 Operating Expenses Depreciation Expense $25,000 Insurance Expense 2,000 Maintenance Expense 9,000 Professional Fees Expense 6,600 Rent Expense 38,000 Salaries Expense 75,000 Telephone Expense 4,000 Travel Expense 16.700 Total Operating Expenses Income from Operations Other Income and Expens Interest Expense 11,538 Interest Revenue 2,850 Revenue from Investment in G|160,000 Unrealized Gain on Fair Value 6.400 Income before tax Income Tax Expense-Contin Income from continuing operati Discontinued Operations Loss from Discontinued Opere 14,700 Income Tax Savings - Discont 4.410 Net Income 157.712 342,912 102,874 240,038 10.290 $229 748 4 Marks 0 Calculate the earnings per share for i) Income from Continuing Operations, ii) Net Income. 4 Marks 0 Prepare a statement of retained earnings at December 31, 2021. Round answers to the nearest whole number Holister Electric Inc. Statement of Retained Earnings For the Year Ended December 31, 2021 411 Prepare a Classified Balance Sheet at December 31, 2021. Round answers to the nearest whole number. 412 Holister Electric Inc. 32 Marks 0 413 Balance Sheet 414 As at December 31, 2021 415 Assests 416 Current Assets 417 Cash $27,165 418 Accounts Receivable 58,341 419 Interest Receivable 2,850 420 Prepaid Insurance 16,000 421 Inventory 110,000 422 Short-Term Investment - Daenerys 38,000 423 Short-Term Investments - Bonds 6,400 424 Total current assets 258,756 425 426 Long-term Assets 427 Long-Term Investment - Bond 428 Property, Plant & Equipment (Net) 190,000 429 Total Assets 258,756 430 431 Liabilities 432 Current Liabilities 433 Accounts Payable 434 Interest Payable 435 Unearned Revenue 436 Bonds Payable 437 Bank Loan 438 Total Current Liabilities 439 440 441 442 443 444 445 Shareholder's Equity 446 Contributed Captial 447 Investment in Gregor Inc. Commor 448 Preferred Shares 449 Common Shares 450 Total contributed 451 Retained Earnings 452 Total Shareholder's Equity 453 Total Libilities & Shareholder's Equ 454 0 Holister Electric Inc. 29 Marks Income Statement For the Year Ended December 31, 2021 Sales Revenue $690,000 Less: Sales Retuns & Allowan 10,000 Sales Discount 8,000 18.000 Net Sales 672,000 Cost of Goods Sold 310.500 Gross Profit 361,500 176.300 185,200 Operating Expenses Depreciation Expense $25,000 Insurance Expense 2,000 Maintenance Expense 9,000 Professional Fees Expense 6,600 Rent Expense 38,000 Salaries Expense 75,000 Telephone Expense 4,000 Travel Expense 16.700 Total Operating Expenses Income from Operations Other Income and Expens Interest Expense 11,538 Interest Revenue 2,850 Revenue from Investment in G|160,000 Unrealized Gain on Fair Value 6.400 Income before tax Income Tax Expense-Contin Income from continuing operati Discontinued Operations Loss from Discontinued Opere 14,700 Income Tax Savings - Discont 4.410 Net Income 157.712 342,912 102,874 240,038 10.290 $229 748 4 Marks 0 Calculate the earnings per share for i) Income from Continuing Operations, ii) Net Income. 4 Marks 0 Prepare a statement of retained earnings at December 31, 2021. Round answers to the nearest whole number Holister Electric Inc. Statement of Retained Earnings For the Year Ended December 31, 2021 411 Prepare a Classified Balance Sheet at December 31, 2021. Round answers to the nearest whole number. 412 Holister Electric Inc. 32 Marks 0 413 Balance Sheet 414 As at December 31, 2021 415 Assests 416 Current Assets 417 Cash $27,165 418 Accounts Receivable 58,341 419 Interest Receivable 2,850 420 Prepaid Insurance 16,000 421 Inventory 110,000 422 Short-Term Investment - Daenerys 38,000 423 Short-Term Investments - Bonds 6,400 424 Total current assets 258,756 425 426 Long-term Assets 427 Long-Term Investment - Bond 428 Property, Plant & Equipment (Net) 190,000 429 Total Assets 258,756 430 431 Liabilities 432 Current Liabilities 433 Accounts Payable 434 Interest Payable 435 Unearned Revenue 436 Bonds Payable 437 Bank Loan 438 Total Current Liabilities 439 440 441 442 443 444 445 Shareholder's Equity 446 Contributed Captial 447 Investment in Gregor Inc. Commor 448 Preferred Shares 449 Common Shares 450 Total contributed 451 Retained Earnings 452 Total Shareholder's Equity 453 Total Libilities & Shareholder's Equ 454