The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale securities (net of tax) $15,000. Gain on sale of equipment $ 95,000
Cash dividends declared $ 150,000
Loss on discontinued operations 75,000
Retained earnings January 1, 2017 600,000
Administrative expenses 240,000
Cost of goods sold 850,000
Rent revenue 40,000
Selling expenses 300,000
Loss on write-down of inventory 60,000
Sales revenue 1,900,000
Shares outstanding during 2017 were 100,000.
Fill of the information in the table provided. This is the information I have filled out so far - corrections can be made.
E4-17
(a) ROLAND CARLSON INC.
Income Statement
For the Year Ended December 31, 2017
Revenues
Sales revenue $1,900,000
Rent revenue 40,000
Total revenues 1,940,000
Expenses
Cost of goods sold 850,000
Selling expenses 300,000
Administrative expenses 240,000
Total expenses 1,390,000
Income from operations 550,000
Other revenues and gains
Gain on sale of equipment 95,000
Other expenses and losses
Inventory loss 60,000
Income from continuing operations before
income tax $187,000
Income tax **
Income from continuing operations ***
Discontinued operations
Loss on discontinued operations $75,000
Less: Applicable income tax reduction ** **
Net income **
Per share of common stock:
Income from continuing operations (income from continuing operations ÷ 100,000) **
Loss on discontinued operations, net of tax **
Net income (Net income ÷ 100,000) **

Barbara jones opened barb’s book business on february 1, 2010. the company specilizes in editing accounting textbooks. you have been hired as manager. your duties include maintaining the company’s financial records. the following transactions occurred in february , the first month of operations. a. received shareholders' cash contributions on february 1 totaling $16,000 to form the corporation; issued 1,000 shares of common stock. b. paid $2,400 cash on february 2 for three months' rent for office space. tip: for convenience, simply record the full amount of the payment as an asset (prepaid rent). at the end of the month, this account will be adjusted to its proper balance. c. purchased and received supplies on february 3 for $300 cash. d. signed a promissory note on february 4, payable in two years; deposited $10,000 in the company's bank account. e. on february 5, paid cash to buy equipment for $2,500 and land for $7,500. f. placed an advertisement in the local paper on february 6 for $425 cash. g. recorded sales on february 7 totaling $1,800; $1,525 was in cash and the rest on accounts receivable. h. collected accounts receivable of $50 from customers on february 8. i. on february 9, repaired one of the computers for $120 cash. tip: most repairs involve costs that do not provide additional future economic benefits. j. incurred and paid employee wages on february 28 of $420.required: set up appropriate t-accounts for cash, accounts receivable, supplies, prepaid rent, equipment, furniture and fixtures, notes payable, contributed capital, service revenue, advertising expense, wages expense, and repair expense. all accounts begin with zero balances.tip: when preparing the t-accounts, you might find it useful to group them by type: assets, liabilities, stockholders’ equity, revenues, and expenses.2. record in t-accounts the effects of each transaction in february, referencing each transaction in the accounts with the transaction letter. show the unadjusted ending balances in the t-accounts. 3. prepare an unadjusted trial balance at the end of february.4. refer to the revenues and expenses shown on the unadjusted trial balance. based on this information, write a short memo offering your opinion on the results of operations during the first month of business.

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Describe how to write a main idea expressed as a bottom-line statement