Question

XYZ Company has the following income statement items for the year ended December 31, 2018. Prepare a multi-step comprehensive income statement for XYZ Company (remember to provide headings for subtotals)

1. Revenues from selling office products (60% of total revenues)
2. Selling, general, and administrative expenses
3. Revenues from renting office space (40% of total revenues)
4. Loss from litigation settlement with a former employee
5. Write-off of goodwill
6. Foreign currency translation adjustment
7. Loss on the disposition of a wholesale division (net of tax)
8. Sales return and discount
9. Unrealized gains on available-for-sale securities
10. Realized gains on available-for-sale securities
11. Cost of goods sold
12. Interest revenues
13. Loss associated with pension that are not recognized yet
14. Loss suffered during a hurricane. This was the first hurricane ever to strike this area
15. Income tax expense
16. Cost of renting
17. Inventory write-down due to obsoleteness

Prepare a multi-step comprehensive income statement for XYZ Company (remember to provide headings for subtotals)

hello,

the amounts do not matter. i just need to know the headings and what order/catagory

1. Revenues from selling office products (60% of total revenues) $100,000

2. Selling, general, and administrative expenses $20,000

3 Revenues from renting office space (40% of total revenues) $50,000

4. Loss from litigation settlement with a former employee $20,000

5. Write-off of goodwill $10,000

6. Foreign currency translation adjustment $5,000

7. Loss on the disposition of a wholesale division (net of tax) $7,000

8. Sales return and discount $10,000

9. Unrealized gains on available-for-sale securities $20,000

10. Realized gains on available-for-sale securities $20,000

11. Cost of goods sold $75,000

12. Interest revenues $25,000

13. Loss associated with pension that are not recognized yet $10,000

14. Loss suffered during a hurricane. This was the first hurricane ever to strike this area $35,000

15. Income tax expense $1000

16. Cost of renting $5,000

17. Inventory write-down due to obsoleteness $7,500

Answer 1

XYZ Company

Income Statement

for the year ended December 31, 2018

Particulars Amount (in $)

Revenue & Gains:

- Cost of goods sold ****

- Revenues from selling office products (60% of total revenues) ****

- Interest revenues ****

- Revenues from renting office space (40% of total revenues) ****

- Realized gains on available-for-sale securities ****

____________

Total Revenue & Gains (a) ****

Expenses & Losses:

- Selling, general, and administrative expenses ****

- Loss from litigation settlement with a former employee ****

- Write-off of goodwill ****

- Foreign currency translation adjustment ****

- Loss on the disposition of a wholesale division (net of tax) ****

- Sales return and discount ****

- Loss associated with pension that are not recognized yet ****

- Loss suffered during a hurricane. ****

- Income tax expense ****

- Cost of renting ****

- Inventory write-down due to obsoleteness ****

- Unrealized gains on available-for-sale securities ****

_______________

Total Expenses & Losses (b)

________________

Net Income (a-b) ****