Question

In its income statement for the year ended December 31, 2019, Cullumber Company reported the following condensed data.

Operating expenses		$ 725,000		Interest revenue		$ 28,100
Cost of goods sold		1,290,000		Loss on disposal of plant assets		15,100
Interest expense		70,100		Net sales		2,403,000
				Other comprehensive income		6,510

Prepare a multiple-step income statement.

Prepare a single-step income statement.

Prepare a comprehensive income statement.

Answer 1

*Single-Step Income Statement: Total revenue – Total expenses = Net Income;

*Multi-Step Income Statement : Separates Revenues and Expenses into Operating and Non-Operating •

*Comprehensive Income Statement: • Certain other gains or losses are not included in net income but are included in the more inclusive income measure, Comprehensive Income

Comprehensive Income Statement Cullumber Company Income Statement For the Year Ended December 31,2019 Net Income $ 330,900 Other Comprehensive Income $ 6,510 Comprehensive Income $337,410 Multi-Step Income Statement Cullumber Company Income Statement For the Year Ended December 31, 2019 Net Sales $ 2,403,000 Cost of goods sold $ 1,290,000 Gross Profit $1,113,000 Operating Expenses $ 725,000 Income from Operations $ 388,000 Other Revenues and Gains Interest Revenue $ 28,100 Other Expenses and Losses Interest Expense $70,100 Loss on disposal of plant assets $ 15,100 $ 85,200 $ 57,100 Net Income $ 330,900 Single-Step Income Statement Cullumber Company Income Statement For the Year Ended December 31,2019 Revenues Net Sales $ 2,403,000 Interest Revenue $ 28,100 Total Revenues $2,431,100 Expenses: Cost of goods sold $1.290,000 Operating Expenses $ 725,000 Interest Expense 70,100 Loss on disposal of plant assets $ 15,100 Total Expenses $2,100,200 Net Income $ 330,900

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