Question

In its income statement for the year ended December 31, 2022, Blue Spruce Corp.reported the following condensed data. Operating expenses $729,000 Interest revenue $ 43,000 Cost of goods sold 26,000 Interest expense 1,266,000 Loss on disposal of plant assets 79,000 Net sales 55,000 Other comprehensive income (net of $1,200 tax) 2,209,000 Income tax expense 9,300 Prepare a multiple-step income statement. Blue Spruce Corp. Income Statement

Answer 1

Income statement
For the year ended December 31,2022
Net Sales		2209000
Cost of goods sold		1266000
Gross profit		943000
Operating expense		729000
Operating income		214000
Other revenue
Interest revenue		43000
Other expense
Interest expense	79000
Loss on disposal of plant assets	26000
		-105000
Income before tax		152000
Income tax expense		-55000
Net income		97000

Comprehensive income Statement
For the year ended December 31,2022
Net income	97000
Add: Other comprehensive income	9300
Comprehensive income	106300