The following information is available for Whispering Winds Corp. for the year e
ID: 2408210 • Letter: T
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.
Explanation / Answer
Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. 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
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