Question

Anson Industries, Inc. reported the following information on its 20Y1 income statement:

Sales.......................................... $4,000,000
Cost of goods sold................... 2,300,000
Operating expenses................. 1,000,000
Income tax expense................. 280,000
Other comprehensive income.. 450,000

a. Prepare an income statement, including comprehensive income, for Anson Industries.
b. Prepare an income statement and a separate statement of comprehensive income for Anson Industries.

Answer 1

a.

Anson Industries, Inc..

Income Statement Including Comprehensive Income

for the year ended MM DD, 20Y1

$

Sales 4,000,000

- Cost of Goods Sold 2,300,000

= Gross Income 1,700,000

- Operating Expenses 1,000,000

= Operating Income 700,000

- Income Tax Expense 280,000

= Net Income 420,000

+ Other Comprehensive Income 450,000

Total Comprehensive Income 870,000

b.

Anson Industries, Inc..

Income Statement for the year ended MM DD, 20Y1

$

Sales 4,000,000

- Cost of Goods Sold 2,300,000

= Gross Income 1,700,000

- Operating Expenses 1,000,000

= Operating Income 700,000

- Income Tax Expense 280,000

= Net Income 420,000

Anson Industries, Inc..

Statement of Comprehensive Income

for the year ended MM DD, 20Y1

$

Net Income 420,000

+ Other Comprehensive Income 450,000

Total Comprehensive Income 870,000