Question

In its income statement for the year ended December 31, 2022, Sheffield Corp, reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $725,000 1,261,000 76,000 50,000 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive income (net of $1,200 tax) $ 38,000 22,000 2,204,000 8,800

Answer 1

Answer
Income statement
For the year ended December 31,2022
Net Sales		$     2,204,000
Cost of goods sold		$     1,261,000
Gross profit		$        943,000
Operating expense		$        725,000
Operating income		$        218,000
Other revenue
Interest revenue		$          38,000
Other expense
Interest expense	$     76,000
Loss on disposal of plant assets	$     22,000
		-$          98,000
Income before tax		$        158,000
Income tax expense		-$          50,000
Net income		$        108,000

.

Comprehensive income Statement
For the year ended December 31,2022
Net income	$     108,000
Add: Other comprehensive income	$         8,800
Comprehensive income	$     116,800