Question

Doubeful Accounts 122,000 $115,000 150,000 1,685,500 6,104,500 Short-Term Notes Payable 4,154,300 Commissions Payable 2,500,000 Addtional Paid-in Capital Sales Commbisions Expense Adminstrative Salarles Experdie 17.180 1,100

Use this Adjusted Trial Balance to create:

1) Create an income Statement

2) Create a Comprehensive Income Statement

***To see the numbers easier, zoom in on the picture or download it and zoom in from there

Thank you for the help!!!

Answer 1

Solution: Income Statement For the year ended Dec 31 2017 Sales Less Sales Return Net Sales 4,29,19,000 1,28,800 4,27,90,200 51,100 4,28,41,300 Add Rent revenue Total Sales Expenses Cost of Goods sold Advertising expenses Delivery expense Promotion Expense Sales Commission Expense Sales Salaries expense Administration salaries expense Bad debts expense General admin. Expense Insurance expense Maintainance & Repairs expense Office supplies expense ReEate tax expense Utilities expense Amortization expense Depreciation expense Total Operating Expenses Operating Income 1,65,83,300 18,48,350 5,61,400 12,40,500 4,69,200 19,58,900 31,22,700 1,62,000 36,42,100 48,200 2,74,400 38,600 1,22,500 2,93,400 4,00,000 12,75,000 3,20,40,550 1,08,00,750 7,32,100 1,00,68,650 31,50,000 69,18,650 Less Interest expense Net Income before income taxes Less Income taxes Net Income After income taxes

Income Statement For the year ended Dec 31 2017 Net income Accumulated other Comprehensive income Other comprehensive income Comprehensive Income 69,18,650 61,300 15,000 Less 76,300 68,42,350 Since accumulated OCI includes unrealised gains and losses from investments that are classified as Available for sale securities foreign currency translation gain and loss, pension plans gains and loss etc. It is a combination of profit and losses. Since it has a debit balance it is subtracted from the Net income To arrive at Comprehensive Income.