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The following information was taken from the records of Swifty Inc. for the year 2025: Income tax applicable to income from continuing operations $314,840;
The following information was taken from the records of Swifty Inc. for the year 2025: Income tax applicable to income from continuing operations $314,840; income tax applicable to loss on discontinued operations $37.400; income tax applicable to unusual gain $40,800; income tax applicable to unusual loss $27,200; and unrealized holding gain on available-for-sale securities, net of taxes, $23,000. Unusual gain $120,000 Cash dividends declared $210,000 Loss on discontinued operations 110,000 Retained earnings January 1, 2025 780,000 Administrative expenses 310,000 Cost of goods sold 1,100,000 Rent revenue 56,000 Selling expenses 420,000 Unusual loss 80,000 Sales: 2,700,000 Shares outstanding during 2025 were 100,000.
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