Question

Brief Exercise 5-09 The following information relates to Cheyenne Corp. for the year 2022. Retained earnings, January 1, 2022 $52,800 Advertising expense $1,980 Dividends during 2022 5,500 Rent expense 11,440 Service revenue 68,750 Utilities expense 3,410 Salaries and wages expense 30,800 Other comprehensive income (net of tax) 440

COMPUTE THE NET INCOME: Net Income / Loss: ?? COMPLETE THE COMPREHENSIVE INCOME STATEMENT: Net Income/ (Loss) = ?? Other Comprehensive Income/Loss = 440 Comprehensive Income / (Loss) = ??

Answer 1

Income Statement
Service Revenue	68,750
Expenses:
Salaries and wages expense	-30,800
Advertising expense	-1,980
Rent expense	-11,440
Utilities expense	-3,410
Net Income	$21,120
Other comprehensive income	440
Comprehensive Income	$21,560

Net Income = $21,120

Comprehensive Income = $21,560

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