The following information is available for Skysong Inc. for the year ended Decem

Question

The following information is available for Skysong Inc. for the year ended December 31, 2017: Loss on discontinued operations Rent revenue Income tax applicable to continuing operations 292,000 Income tax applicable to loss on discontinued operations32,000 Administrative expenses Loss on write-down of inventory Gain on sale of equipment Unrealized gain on avallable-for-sale securities 35,000 Interest expense $70,000 Retained earnings January 1, 2017 Selling expenses $1,500,000 878,000 91,000 504,000 Cost of goods sold 1,674,000 3,725,000 218,000 S2,000 45,000 Sales revenue 0,000 Cash dividends declared 200,000 shares were outstanding during all of 2017

Explanation / Answer

Income Statement: Sales revenue 3725000 Cost of goods sold 1674000 Gross Profit 2051000 Operating expense Selling expense 878000 Admin expense 504000 1382000 Income from operations 669000 Other revenues and Gains Gain on sale of equipment 30000 Rent revenue 91000 121000 Income from Continuing Operation before tax 790000 Income tax 292000 Income from continuing operations 498000 Discontinued Operations: Loss on Discontinued Operations -70000 Less: Tax 32000 -102000 Net Income 396000 Per share of Common Stock: Income from continuing operations: 2.49 Loss on discontinued operations -0.51 Net income 1.98

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