Send to Gradebook Question 6 The following information was taken from the record

Question

Send to Gradebook Question 6 The following information was taken from the records of Windsor Inc. for the year 2017: Income tax applicable to income from continuing operations $ 227528: income tax applicable to loss on discontinued operations $ 28,628, and unrealized holding gain on available-for-sale securities (net of tax) $ 21,900. $136,300 613,200 920,100 302,300 2,061,600 97,100 Cash dividends declared 4,200 Retained earnings January 1, 2017 Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue 243,800 Cost of goods sold 45,600 Selling expenses 68,900 Sales Revenue Loss on write-down of inventory Shares outstanding during 2017 were 95,900. Prepare a single-step income statement.(Round earnings per share to 2 decimal places, e.s. 1.48. WINDSOR INC

Explanation / Answer

Windsor Inc. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Revenues Sales 2061600 Rent Revenue 45600 Total Revenues 2107200 Expenses Cost of goods sold 920100 Selling expenses 302300 Administrative expenses 243800 Total expenses 1466200 Income from continuing operation before income tax 641000 Income tax 227528 Income from continuing operations 413472 Discontinued operations Loss on discontinued operations -84200 Less: Applicable income tax reduction 28628 -55572 Income before extraordinary items 357900 Extraordinary items: Extraordinary gain 97100 Less: Income tax applicable to extraordinary gain 0 97100 455000 Extraordinary Loss 68900 Less: Income applicable to extraordinary loss 0 -68900 386100 Per share of common stock: Income from continuing operations (413472/95900) 4.31 Loss on discontinued operations, net of tax -0.58 Income before extraordinary items 357900/95900 3.73 Extraordinary gain net of tax 1.01 Extraordinary loss net of tax -0.72 Net income 4.03

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