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Metlock Corporation reported the following for 2020: net sales $1,236,500, cost of goods sold $729,000, selling...

Metlock Corporation reported the following for 2020: net sales $1,236,500, cost of goods sold $729,000, selling and administrative expenses $329,900, and an unrealized holding gain on available-for-sale debt securities $20,700.

a) Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.)

b) Prepare a statement of comprehensive income, using the two statement format. (Ignore income taxes and earnings per share.)
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Answer #1
a
Metlock Corporation
Statement of Comprehensive Income
For the Year Ended December 31, 2020
Net sales 1236500
Cost of Goods Sold 729000
Gross Profit / (Loss) 507500
Selling and Administrative Expenses 329900
Net Income / (Loss) 177600
Other Comprehensive Income Unrealized Holding Gain 20700
Comprehensive Income 198300
b
Metlock Corporation
Income Statement
For the Year Ended December 31, 2020
Net Sales 1236500
Cost of Goods Sold 729000
Gross Profit / (Loss) 507500
Selling and Administrative Expenses 329900
Net Income / (Loss) 177600
Metlock Corporation
Comprehensive Income Statement
For the Year Ended December 31, 2020
Net Income / (Loss) 177600
Other Comprehensive Income Unrealized Holding Gain 20700
Comprehensive Income 198300
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