Question

In: Accounting

The following information was taken from the records of Vega Inc. for the year 2015: income...

The following information was taken from the records of Vega Inc. for the year 2015: income tax applicable to income from continuing operations R$119,000, income tax applicable to loss on discontinued operations R$25,500, and unrealized holding gain on non-trading equity securities R$15,000.

Gain on sale of plant assets

R$95,000

Cash dividends declared

R$150,000

Loss on discontinued operations

75,000

Retained earnings January 1, 2015

600,000

Administrative expenses

240,000

Cost of goods sold

850,000

Rent revenue

40,000

Selling expenses

300,000

Loss on impairment of land

60,000

Sales revenue

1,700,000

Ordinary shares outstanding during 2015 were 100,000.

Requirement:

  1. Prepare a comprehensive income statement for 2015 using the one statement approach

  1. Prepare a retained earnings statement for 2015.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The following information was taken from the records of Raiders Inc. for the year 2017. Income...
The following information was taken from the records of Raiders Inc. for the year 2017. Income tax applicable to income from continuing operations $260,000; income tax applicable to loss on discontinued operations $36,000; income tax applicable to unusual gain $45,000; income tax applicable to unusual loss $28,000. There is also unrealized holding gain on available-for-sale securities $20,000. Unusual gain $145,000 Cash dividends declared $200,000 Loss on discounted operations $115,000 Retained earnings January 1, 2017 $850,000 Administrative expenses $336,000 Cost of...
The following information was taken from the records of Skysong Inc. for the year 2017: Income...
The following information was taken from the records of Skysong Inc. for the year 2017: Income tax applicable to income from continuing operations $213,724; income tax applicable to loss on discontinued operations $28,186, and unrealized holding gain on available-for-sale securities (net of tax) $23,100. Gain on sale of equipment $97,400 Cash dividends declared $153,000 Loss on discontinued operations 82,900 Retained earnings January 1, 2017 542,500 Administrative expenses 246,100 Cost of goods sold 894,100 Rent revenue 42,300 Selling expenses 322,400 Loss...
The following information was taken from the records of Skysong Inc. for the year 2017: Income...
The following information was taken from the records of Skysong Inc. for the year 2017: Income tax applicable to income from continuing operations $213,724; income tax applicable to loss on discontinued operations $28,186, and unrealized holding gain on available-for-sale securities (net of tax) $23,100. Gain on sale of equipment $97,400 Cash dividends declared $153,000 Loss on discontinued operations 82,900 Retained earnings January 1, 2017 542,500 Administrative expenses 246,100 Cost of goods sold 894,100 Rent revenue 42,300 Selling expenses 322,400 Loss...
The following information was taken from the records of Raiders Inc. for the year 2017. Income...
The following information was taken from the records of Raiders Inc. for the year 2017. Income tax applicable to income from continuing operations $260,000; income tax applicable to loss on discontinued operations $36,000; income tax applicable to unusual gain $45,000; income tax applicable to unusual loss $28,000. There is also unrealized holding gain on available-for-sale securities $20,000. Unusual gain $145,000 Cash dividends declared $200,000 Loss on discounted operations $115,000 Retained earnings January 1, 2017 $850,000 Administrative expenses $336,000 Cost of...
The following information was taken from the records of Bridgeport Inc. for the year 2017: Income...
The following information was taken from the records of Bridgeport Inc. for the year 2017: Income tax applicable to income from continuing operations $206,448; income tax applicable to loss on discontinued operations $27,336, and unrealized holding gain on available-for-sale securities (net of tax) $23,700. Gain on sale of equipment $97,700 Cash dividends declared $139,500 Loss on discontinued operations 80,400 Retained earnings January 1, 2017 611,500 Administrative expenses 244,100 Cost of goods sold 933,800 Rent revenue 44,200 Selling expenses 277,800 Loss...
The following information was taken from the records of Skysong Inc. for the year 2017: Income...
The following information was taken from the records of Skysong Inc. for the year 2017: Income tax applicable to income from continuing operations $213,724; income tax applicable to loss on discontinued operations $28,186, and unrealized holding gain on available-for-sale securities (net of tax) $23,100. Gain on sale of equipment $97,400 Cash dividends declared $153,000 Loss on discontinued operations 82,900 Retained earnings January 1, 2017 542,500 Administrative expenses 246,100 Cost of goods sold 894,100 Rent revenue 42,300 Selling expenses 322,400 Loss...
The following information was taken from the records of Cheyenne Inc. for the year 2017: Income...
The following information was taken from the records of Cheyenne Inc. for the year 2017: Income tax applicable to income from continuing operations $177,616; income tax applicable to loss on discontinued operations $28,866, and unrealized holding gain on available-for-sale securities (net of tax) $22,100. Gain on sale of equipment $99,000 Cash dividends declared $152,500 Loss on discontinued operations 84,900 Retained earnings January 1, 2017 554,900 Administrative expenses 244,000 Cost of goods sold 770,600 Rent revenue 49,300 Selling expenses 292,100 Loss...
The following information was taken from the records of Bridgeport Inc. for the year 2017: Income...
The following information was taken from the records of Bridgeport Inc. for the year 2017: Income tax applicable to income from continuing operations $206,448; income tax applicable to loss on discontinued operations $27,336, and unrealized holding gain on available-for-sale securities (net of tax) $23,700. Gain on sale of equipment $97,700 Cash dividends declared $139,500 Loss on discontinued operations 80,400 Retained earnings January 1, 2017 611,500 Administrative expenses 244,100 Cost of goods sold 933,800 Rent revenue 44,200 Selling expenses 277,800 Loss...
The following information was taken from the records of Skysong Inc. for the year 2017: Income...
The following information was taken from the records of Skysong Inc. for the year 2017: Income tax applicable to income from continuing operations $174,148; income tax applicable to loss on discontinued operations $28,322, and unrealized holding gain on available-for-sale securities (net of tax) $18,000. Gain on sale of equipment $98,100 Cash dividends declared $160,700 Loss on discontinued operations 83,300 Retained earnings January 1, 2017 625,400 Administrative expenses 246,100 Cost of goods sold 879,200 Rent revenue 44,500 Selling expenses 289,400 Loss...
The following information was taken from the books and records of Ludwick, Inc.: 1. Income from...
The following information was taken from the books and records of Ludwick, Inc.: 1. Income from Continuing Operations $ 480,000 Discontinued Operations (net of tax) 70,000 2. Capital structure: a. Convertible 6% bonds. Each of the 300, $1,000 bonds is convertible into 50 shares of common stock at the present date and for the next 10 years. 300,000 b. $10 par common stock, 200,000 shares issued and outstanding during the entire year. 2,000,000 c. Stock warrants outstanding to buy 16,000...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT