2. Income statement 3. Comprehensive income statement. 824/2018 Exercise 4-15 Bu
ID: 2339663 • Letter: 2
Question
2. Income statement 3. Comprehensive income statement.
824/2018 Exercise 4-15 Buffalo Corporation reported the following for 2017: net sales $1,232,000, cost of goods sold $737,300, selling and administrative expenses $338,200, and an unrealized holding gain on available-for-sale securities $24,300 Prepare a statement of comprehensive income using one statement format. (Ignore income taxes and earnings per share.) BUFFALO CORPORATION Statement of Comprehensive Income LINK TO TEXT LINK TO TEXT ybDtostMILAR EXERCISE Prepare a statement of comprehensive income, using the two statement format. (Ignore income taxes and earnings per share.) BUFFALO CORPORATION Income Statement BUFFALO CORPORATION Comprehensive Income Statement in.uni
Explanation / Answer
a) Statement of comprehensive income under one statement method :-
Statement of comprehensive income of buffalo corporation for the year ending 2017
Revenue . 1,232,000
Cost of goods sold. 737,300
Selling & Adm.exp. 338,200
Profit for the year . 156,500
Other comprehensive income :
Unrealized holding gain on available for sale securities 24,300
Other comprehensive income for the year . 24,300
Total comprehensive income for the year. 180,800
Statement of comprehensive income using two statement method :-
Income statement of buffalo corporation for the year ending 2017
Revenue. 1,232,000
Cost of goods sold. 737,300
Selling & adm.exp. 338,200
Profit for the year . 156,500
Statement of comprehensive income for for the year ending 2017
Profit for the year . 156,500
Other comprehensive income:
Unrealized holding gain on available for sale securities 24,300
Other comprehensive income for the year ending 2017 .24,300
Total comprehensive income for the year ending 2017 180,800