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The following information was taken from the records of Monty Inc. for the year 2017: Income tax applicable to income from continuing operations $169,626; income
The following information was taken from the records of Monty Inc. for the year 2017: Income tax applicable to income from continuing operations $169,626; income tax applicable to loss on discontinued operations $26,418, and unrealized holding gain on available-for-sale securities (net of tax) $22,500.
Gain on sale of equipment | $98,400 | Cash dividends declared | $140,400 |
Loss on discontinued operations | 77,700 | Retained earnings January 1, 2017 | 588,700 |
Administrative expenses | 246,800 | Cost of goods sold | 889,600 |
Rent revenue | 48,900 | Selling expenses | 315,100 |
Loss on write-down of inventory | 70,100 | Sales Revenue | 1,873,200 |
Shares outstanding during 2017 were99,100.
Prepare a single-step income statement
MONTY INC. Income Statement December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 | ||
Total ExpensesOther Revenues and GainsIncome from OperationsNet Income / (Loss)Other Expenses and LossesExpensesDiscontinued OperationsTotal RevenuesRevenuesIncome From Continuing Operations | ||
Rent RevenueLoss on Discontinued OperationsSales RevenueCost of Goods SoldSelling ExpensesIncome TaxAdministrative ExpensesGain on Sale of EquipmentInventory LossIncome From Continuing Operations Before Income TaxPer Share of Common Stock | $ | |
Cost of Goods SoldSelling ExpensesIncome From Continuing Operations Before Income TaxAdministrative ExpensesRent RevenueInventory LossGain on Sale of EquipmentIncome TaxLoss on Discontinued OperationsPer Share of Common StockSales Revenue | ||
Income from OperationsRevenuesOther Revenues and GainsTotal RevenuesTotal ExpensesIncome From Continuing OperationsOther Expenses and LossesDiscontinued OperationsExpensesNet Income / (Loss) | $ | |
Discontinued OperationsTotal RevenuesNet Income / (Loss)Income From Continuing OperationsOther Revenues and GainsExpensesRevenuesOther Expenses and LossesTotal ExpensesIncome from Operations | ||
Selling ExpensesSales RevenuePer Share of Common StockIncome TaxGain on Sale of EquipmentAdministrative ExpensesIncome From Continuing Operations Before Income TaxCost of Goods SoldLoss on Discontinued OperationsInventory LossRent Revenue | ||
Income From Continuing Operations Before Income TaxLoss on Discontinued OperationsSales RevenueCost of Goods SoldPer Share of Common StockGain on Sale of EquipmentRent RevenueSelling ExpensesAdministrative ExpensesIncome TaxInventory Loss | ||
Administrative ExpensesInventory LossIncome TaxCost of Goods SoldPer Share of Common StockSelling ExpensesIncome From Continuing Operations Before Income TaxLoss on Discontinued OperationsGain on Sale of EquipmentSales RevenueRent Revenue | ||
Net Income / (Loss)Other Revenues and GainsExpensesIncome from OperationsTotal RevenuesRevenuesTotal ExpensesOther Expenses and LossesIncome From Continuing OperationsDiscontinued Operations | ||
Total RevenuesTotal ExpensesIncome From Continuing OperationsNet Income / (Loss)ExpensesOther Revenues and GainsOther Expenses and LossesDiscontinued OperationsIncome from OperationsRevenues | ||
ExpensesTotal ExpensesIncome From Continuing OperationsIncome from OperationsDiscontinued OperationsOther Revenues and GainsOther Expenses and LossesNet Income / (Loss)RevenuesTotal Revenues | ||
Per Share of Common StockCost of Goods SoldSelling ExpensesAdministrative ExpensesIncome TaxInventory LossSales RevenueLoss on Discontinued OperationsIncome From Continuing Operations Before Income TaxGain on Sale of EquipmentRent Revenue | ||
Total RevenuesIncome from OperationsRevenuesExpensesTotal ExpensesDiscontinued OperationsOther Revenues and GainsOther Expenses and LossesIncome From Continuing OperationsNet Income / (Loss) | ||
Cost of Goods SoldSelling ExpensesAdministrative ExpensesIncome From Continuing Operations Before Income TaxIncome TaxLoss on Discontinued OperationsGain on Sale of EquipmentInventory LossPer Share of Common StockSales RevenueRent Revenue | ||
Inventory LossCost of Goods SoldSelling ExpensesRent RevenueGain on Sale of EquipmentIncome From Continuing Operations Before Income TaxAdministrative ExpensesPer Share of Common StockIncome TaxLoss on Discontinued OperationsSales Revenue | ||
Sales RevenueRent RevenueCost of Goods SoldSelling ExpensesAdministrative ExpensesPer Share of Common StockIncome From Continuing Operations Before Income TaxIncome TaxLoss on Discontinued OperationsGain on Sale of EquipmentInventory Loss | ||
Income From Continuing OperationsOther Revenues and GainsOther Expenses and LossesExpensesTotal ExpensesIncome from OperationsDiscontinued OperationsNet Income / (Loss)RevenuesTotal Revenues | ||
Income From Continuing OperationsNet Income / (Loss)RevenuesTotal RevenuesExpensesDiscontinued OperationsOther Revenues and GainsTotal ExpensesOther Expenses and LossesIncome from Operations | ||
Sales RevenueGain on Sale of EquipmentRent RevenueCost of Goods SoldSelling ExpensesIncome From Continuing Operations Before Income TaxAdministrative ExpensesIncome TaxLoss on Discontinued OperationsInventory LossPer Share of Common Stock | ||
AddLess: Gain on Sale of EquipmentInventory LossSales RevenueRent RevenueIncome From Continuing Operations Before Income TaxPer Share of Common StockCost of Goods SoldSelling ExpensesAdministrative ExpensesApplicable Income Tax ReductionLoss on Discontinued Operations | ||
Income From Continuing OperationsOther Revenues and GainsOther Expenses and LossesNet Income / (Loss)Discontinued OperationsIncome from OperationsRevenuesTotal RevenuesExpensesTotal Expenses | $ | |
Cost of Goods SoldAdministrative ExpensesIncome From Continuing OperationsLoss on Discontinued Operations, Net of TaxSales RevenueNet Income / (Loss)Other Revenues and GainsRent RevenueSelling ExpensesIncome from OperationsPer Share of Common Stock: | ||
Cost of Goods SoldAdministrative ExpensesOther Revenues and GainsRent RevenueNet Income / (Loss)Loss on Discontinued Operations, Net of TaxSelling ExpensesIncome From Continuing OperationsSales RevenuePer Share of Common StockIncome from Operations | $ | |
Income from OperationsLoss on Discontinued Operations, Net of TaxCost of Goods SoldRent RevenueSales RevenueSelling ExpensesAdministrative ExpensesPer Share of Common StockNet Income / (Loss)Other Revenues and GainsIncome From Continuing Operations | ||
Net Income / (Loss)Other Revenues and GainsIncome from OperationsSelling ExpensesRent RevenueAdministrative ExpensesSales RevenuePer Share of Common StockIncome From Continuing OperationsCost of Goods SoldLoss on Discontinued Operations, Net of Tax | $ |
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