Question

The following information is available for Blue Spruce Corp. for the year ended December 31, 2017:

Other revenues and gains		$12,000		Sales revenue		$603,000
Other expenses and losses		14,000		Operating expenses		203,300
Cost of goods sold		233,900		Sales returns and allowances		40,000
Other comprehensive income		5,900

Answer 1

Income Statement

For the year ended December 31,2017

Revenue
Sales revenue	603000
Less: Sales return and allowance	-40000
Net Sales		563000
Less: Cost of goods sold		-233900
Gross profit		329100
Less: Operating expense		-203300
Operating income		125800
Other revenue and gains	12000
Other expense and losses	-14000
		-2000
Income before tax		123800
Other comprehensive income		5900
Comprehensive income		129700

Comprehensive income statement

Net income	123800
Other comprehensive income	5900
Comprehensive income	129700