Question

In its income statement for the year ended December 31, 2022, Oriole Company reported the following condensed data. Operating expenses $ 728,000 Interest revenue $ 41,000 Cost of goods sold 1,264,000 Loss on disposal of plant assets 24,000 Interest expense 77,000 Net sales 2,207,000 Income tax expense 53,000 Other comprehensive income (net of $1,200 tax) 9,100

Prepare a multiple-step income statement. Oriole Company Income Statement choose the accounting period select an income statement item $enter a dollar amount enter an income statement item enter a dollar amount select a summarizing line for the first part enter a total amount for the first part select an income statement item enter a dollar amount select a summarizing line for the second part enter a total amount for the second part select an opening name for section one enter an income statement item enter a dollar amount select an opening name for section two enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a summarizing line for the third part enter a total amount for all three parts enter an income statement item enter a dollar amount select a closing name for this statement $enter a total net income or loss amount Prepare a comprehensive income statement. Oriole Company Comprehensive Income Statement choose the accounting period select a comprehensive income item $enter a dollar amount select a comprehensive income item enter a dollar amount select a closing name for this statement $enter a total amount for this statement

Answer 1

The Oriole Company's income statement for the year ending December 31, 2022, shows a net income of $102,000 and a total comprehensive income of $111,100, including other comprehensive income after tax.

Step-by-step explanation:

Net Sales: $2,207,000

Less: Cost of Goods Sold: $1,264,000

Gross Profit: $943,000

Less: Operating Expenses: $728,000

Operating Income: $215,000

Add: Interest Revenue: $41,000

Less: Interest Expense: $77,000

Less: Loss on Disposal of Plant Assets: $24,000

Income Before Taxes: $155,000

Less: Income Tax Expense: $53,000

Net Income: $102,000

Other Comprehensive Income (net of $1,200 tax): $9,100

Total Comprehensive Income: $111,100