Question

The following information is available for Whispering Winds Corp. for the year ended December 31, 2017: Other revenues and gains $9,500 Sales revenue $682,900 Other expenses and losses 15,200 Operating expenses 238,800 Cost of goods sold 205,400 Sales returns and allowances 40,000 Other comprehensive income 5,700 Prepare a multiple-step income statement for Whispering Winds Corp and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. WHISPERING WINDS CORP. Income Statement choose the accounting period select an opening name for section one enter an income statement item sales re $enter a dollar amount select between addition and deduction: enter an income statement item enter a dollar amount select a closing name for section one $enter a total amount for section one 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 the summarizing line for the second part enter a total amount for the second part select an income statement item $enter a dollar amount select 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 WHISPERING WINDS CORP. 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 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

Answer 1

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Sales Revenue		682900
Less: Sales Return and Allowance		40000
Net Sales		642900
Less: Cost of Goods Sold		205400
Gross Margin		437500
Less: Operating Expenses:
Operating Expenses		238800
Income from Operations		198700
Other Revenue and Expenses:
Add: Other revenue and Gains		9500
Less: Other Expenses and Losses		15200
Income before taxes		193000
Less: Income Tax		57900
Net Income		135100
Other Comprehensive Income		5700
Comprehensive Income		140800