Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information is available for Shamrock Inc. for the year ended December 31, 2017: FILL IN EMPTY SPOTS Loss on discontinued operations $83,000 $1,260,000
The following information is available for Shamrock Inc. for the year ended December 31, 2017:
FILL IN EMPTY SPOTS
Loss on discontinued operations $83,000 $1,260,000 Retained earnings January 1, 2017 Selling expenses Rent revenue 88,000 860,000 Income tax applicable to continuing operations 292,000 Income tax applicable to loss on discontinued operations 35,000 521,000 Cost of goods sold 1,634,000 Administrative expenses Loss on write-down of inventory 42,000 Sales revenue 3,810,000 Gain on sale of equipment 39,000 Cash dividends declared 217,000 Unrealized gain on available-for-sale securities 29,000 Interest expense 45,000 200,000 shares were outstanding during all of 2017. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, eg. 1.45.) Shamrock Inc. Income Statement For the Year Ended December 31, 2017 Sales Revenue 3810001 Cost of Goods Sold -1634000 Gross Pront 2176000 Operatine Expenses Selling Expenses 860000 Administrative Expenses 521000 i -1381000 Income from Operations 795000 Other Revenues and Gains Rent Revenue 88000 Gain on the sale of Equipment 39000 127000 Other Expenses and Losses Interest Expense 45000 i Inventory Loss 42000 -87000 Income from Continuing Operations Before Income Tax V 83500 Income Tax -292000 Income from Continuine Operations 543001 Discontinued Operations Loss on Discontinued Operations 83000 i Less Income Tax Net Income /(Loss) / $ er share of common stock: Income from Continuing Operations $ Loss on Discontinued Operations Net Income /(Loss) $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started