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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 82,500 264,000 44,000 (a) 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 $165,000 2,280,000 935,000 330,000 2,090,000 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)

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 82,500 264,000 44,000 (a) 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 $165,000 2,280,000 935,000 330,000 2,090,000 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)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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