The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209.440: income tax applicable to loss on discontinued operations $28,560. and unrealized holding gain on available-for-sale securities (net of tax) $16,800. Gain on sale of equipment $106,400
Cash dividends declared $168,000
Loss on discontinued operations 84,000
Retained earnings January 1, 2020 2,400,000
Administrative expenses 268,800
Cost of goods sold 952,000
Rent revenuc 44,800
Selling expenscs 336,000 2,128,000
Loss on write-down
F inventory 67 200
Sales Revenue Shares outstanding during 2020 were 100,000.
Prepare a single-step income statement. (Kound eurmings pershre to 2 decimal paces, e 148 SHEFFIELD INC. Income Statement $ Prepare a comprehensive income statement for 2020, using the two statement format. SHEFFIELD INC. Comprehensive Income Statement Prepare a retained earnings statement for 2020. (tfst ltens tatheuse 1euhe enMhgs firsEj SHEFFIELD INC. Retained Earmings Statement

a. Single-step Income Statement  for the year ended December 31, 2020:

Sales Revenue                                 $2,128,000

Rent revenue                                          44,800

Gain on sale of equipment                   106,400

Total Revenue                                $2,279,200

Cost of goods sold          952,000

Administrative expenses 268,800  

Selling expenses             336,000  

Loss on write-down

 of inventory                    67 200

Total expenses                               $1,624,000

                                                         $655,200

Income Tax                                        $209,440

Net Income                                        $445,760  

Comprehensive Income Statement  for the year ended December 31, 2020:

Net Income                                         $445,760

Loss on discontinued operations        (84,000)

Income Tax

 on discontinued operations              (28,560)

Unrealized holding gain (net of taxes) 16,800

Comprehensive Income                 $350,000

Statement of Retained Earnings for the year ended December 31, 2020:

Retained earnings January 1, 2020 $2,400,000

Comprehensive Income                         350,000

Cash dividends declared                       (168,000)

Retained earnings, December 31    $2,582,000

Explanation:

a) Data and Calculations:

Income tax applicable to income from continuing operations $209.440: income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale securities (net of tax) $16,800.

Gain on sale of equipment $106,400

Cash dividends declared $168,000

Loss on discontinued operations 84,000

b) Unrealized holding gain on available-for-sale securities and loss on discontinued operations are reported separately from the net income on continuing operations.  Therefore, they can be reported in the Comprehensive Income Statement.

Retained earnings January 1, 2020 2,400,000

Administrative expenses 268,800

Cost of goods sold 952,000

Rent revenue 44,800

Selling expenses 336,000  

Loss on write-down

F inventory 67 200

Sales Revenue 2,128,000

Shares outstanding during 2020 were 100,000

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