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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:The following information was taken from the records of Tamarisk Inc. for the year 2025: Income tax applicable to income from
continuing operations $205,700, income tax applicable to loss on discontinued operations $28,050, and unrealized holding gain on
available-for-sale debt securities (net of tax) $16,500.
Gain on sale of equipment
Loss on discontinued operations
Administrative expenses
Rent revenue
Loss on write-down of inventory
$104,500
(a)
82,500
264,000
44.000
66,000
Shares outstanding during 2025 were 100,000.
Cash dividends declared
Retained earnings January 1, 2025
Cost of goods sold
Selling expenses
Sales revenue
TAMARISK INC.
Income Statement
$165,000
MacBook Pro
2,280,000
935,000
330,000
Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal
places, e.g. 1.48. Enter other revenue and gains before other expenses and losses)
2,090,000
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