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Business Student

In: Business and Management

Submitted By mohdlab
Words 1109
Pages 5
E4-17 | (Various Reporting Formats) The following information was taken from the records of Gibson Inc. for the year 2010. Income tax applicable to income from continuing operations $119,000; income tax applicable to loss on discontinued operations $25,500; and unrealized holding gain on non-trading equity securities $15,000. | | | Gain on sale of plant assets | $ 95,000 | Cash dividends declared | $ 150,000 | Loss on discontinued operations | 75,000 | Retained earnings January 1, 2010 | 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 | 1,700,000 | | | | | | | |
Ordinary shares outstanding during 2010 were 100,000. | | |

Instructions | (a) | Prepare a comprehensive income statement for 2010 using the combined approach. | | (b) | Prepare a retained earnings statement for 2010. | | | |

E4-18 | (Changes in Equity) The equity section of Hasbro Inc. at January 1, 2010, was as follows. | | | Share capital—ordinary | $300,000 | Accumulated other comprehensive income | | Unrealized holding gain on non-trading equity securities | 50,000 | Retained earnings | 20,000 | | | | | | | |
During the year, the company had the following transactions. | 1. | Issued 10,000 shares at $3 per share. | | 2. | Dividends of $9,000 were declared and paid. | | 3. | Net income for the year was $100,000. | | 4. | Unrealized holding loss of $5,000 occurred on its non-trading equity securities. | | | | |

InstructionsPrepare a statement of changes in equity for Hasbro Inc. | | P4-6 | (Statement Presentation) Presented below is a combined income and retained earnings statement for Sapporo Company for 2010. | | | |

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