Question

The following information is available for Windsor, Inc. for the year ended December 31, 2022: Other revenues and gains $10,700 Sales revenue $672,400 Other expenses and losses 13,000 Operating expenses 244,800 Cost of goods sold 251,500 Sales returns and allowances 40,000 Other comprehensive income 5,500 Prepare a multiple-step income statement for Windsor, Inc. and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. Windsor, Inc. Income Statement For the Year Ended December 31, 20227 Sales Sales Revenue 672,400 Less 4 : Sales Returns and Allowances 40,000 Net Sales 632,400 Cost of Goods Sold 251,500 i Gross Profit 380,900 Operating Expenses 244,800 i Income From Operations 136,100

Answer 1

Less Windsor Inc. Income statement for the year Ended Dec. 31 2022 sales sales Revenue $672400 sales Retum ona Allowances (40000) Net sales $632400 cost of Good sold (2 SISOO) Gross profit 380900 operating expense (244800) income from operation $ 136, 100 GRASS mofit other Revor Gains $ 10700 other expense and LOSS (13000) - 2300 Income before Income taxes Income Tax Expense (30%) net Incomel (LOSS). $ 133800 (40140) s 93 660 windsor Inc. compachensive Income statement for the year ended Dec. 31 2022 Net Income ICLOSS) 93660 other compachensive Income llLOSS) 3850 compachensive Income I CLOSS) $ 97510 other comprehensive Income net of tax. 5500 - (5500 X 301 - 33850