The following information was taken from the records of Kingbird Inc. for the year 2025: Income...

 

Transcribed Image Text:

The following information was taken from the records of Kingbird Inc. for the year 2025: Income tax applicable to income from continuing operations $224,400, income tax applicable to loss on discontinued operations $30,600, and unrealized holding gain on available-for-sale debt securities (net of tax) $18,000. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $114,000 90,000 288,000 48,000 72,000 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $180,000 2,880,000 1,020,000 360,000 2,280,000 The following information was taken from the records of Kingbird Inc. for the year 2025: Income tax applicable to income from continuing operations $224,400, income tax applicable to loss on discontinued operations $30,600, and unrealized holding gain on available-for-sale debt securities (net of tax) $18,000. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $114,000 90,000 288,000 48,000 72,000 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $180,000 2,880,000 1,020,000 360,000 2,280,000

Answer rating: 100% (QA)

Revenues Sales revenue Rent revenue Total revenue Expenses Cost of goods sold S... View the full answer