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20 May, 09:13

Presented below is information for Ivanhoe Co. for the month of January 2022. Cost of goods sold $221,000 Rent expense $33,500 Freight-out 9,700 Sales discounts 8,600 Insurance expense 14,600 Sales returns and allowances 20,000 Salaries and wages expense 63,400 Sales revenue 392,500 Income tax expense 4,300 Other comprehensive income (net of $400 tax) 2,000. Prepare an income statement using the multi-step format.

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  1. 20 May, 12:36
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    Sales Revenues 392,500

    Sales Returns (20,000)

    Freight outs (9,700)

    Net Sales 362,800‬

    Cost of good sold (221,000)

    Gross profit 141,800

    Operating Expenses

    Rent expense (33,500)

    nsurance expense (14,600)

    Salaries and wages expense (63,400)

    Operating Income 30,300‬

    Income tax expense (4,300)

    Net Income 26,000

    Other comprehensive income 2,000

    Comprehensive Income 28,000

    Explanation:

    the OCI is listed after-taxed thus do not change the total income tax expense

    comprehensive income will be the sum of both concepts net income and OCI
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