Question

Presented below is information for Blossom Co. for the month of January 2022. Cost of goods sold $200,750 Rent expense $32,000 Freight-out 6,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 17,000 Salaries and wages expense 60,000 Sales revenue 390,000 Income tax expense 3,150 Other comprehensive income (net of $400 tax) 2,000Prepare a comprehensive income statement.BLOSSOM CO. Comprehensive Income Statement .

Answer 1

Blossom Co.

Comprehensive Income Statement for the month ended January 2022.

Sales revenue 390,000

Less Sales returns and allowances (17,000)

Net Sales Revenue 373,000

Less Cost of goods sold (200,750)

Gross Profit 172,250

Less Expenses

Rent expense 32,000

Freight-out 6,000

Sales discounts 8,000

Insurance expense 12,000

Salaries and wages expense 60,000

Income tax expense 3,150 (121,150)

Net Profit for the Year 51,100

Other comprehensive income 2,000

Total Comprehensive Income 53,100

Step-by-step explanation:

The Comprehensive Income Statement shows the Total Profit (including other comprehensive Income) resulting from the trading period.