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    Notes: Colleagues Company Statement of Comprehensive Income For The Year Ended December 31, 20x1

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    Jonell
    The statement of comprehensive income for Colleagues Company for the year ended December 31, 20x1 shows total sales of $16.8 million with cost of sales of $7.2 million, resulting in a gross profit of $9.6 million. Total operating expenses were $6.179 million, including selling expenses of $2.424 million and administrative expenses of $3.755 million. This led to an operating profit of $3.521 million and a profit before tax of $2.399 million after accounting for finance costs of $1.121 million. The company reported a profit of $1.679 million for the year along with other comprehensive income of $260,000 from unrealized gains

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    Notes: Colleagues Company Statement of Comprehensive Income For The Year Ended December 31, 20x1

    Uploaded by

    Jonell
    27 views2 pages
    The statement of comprehensive income for Colleagues Company for the year ended December 31, 20x1 shows total sales of $16.8 million with cost of sales of $7.2 million, resulting in a gross profit of $9.6 million. Total operating expenses were $6.179 million, including selling expenses of $2.424 million and administrative expenses of $3.755 million. This led to an operating profit of $3.521 million and a profit before tax of $2.399 million after accounting for finance costs of $1.121 million. The company reported a profit of $1.679 million for the year along with other comprehensive income of $260,000 from unrealized gains

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    The statement of comprehensive income for Colleagues Company for the year ended December 31, 20x1 shows total sales of $16.8 million with cost of sales of $7.2 million, resulting in a gross profit of $9.6 million. Total operating expenses were $6.179 million, including selling expenses of $2.424 million and administrative expenses of $3.755 million. This led to an operating profit of $3.521 million and a profit before tax of $2.399 million after accounting for finance costs of $1.121 million. The company reported a profit of $1.679 million for the year along with other comprehensive income of $260,000 from unrealized gains

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    27 views2 pages

    Notes: Colleagues Company Statement of Comprehensive Income For The Year Ended December 31, 20x1

    Uploaded by

    Jonell
    The statement of comprehensive income for Colleagues Company for the year ended December 31, 20x1 shows total sales of $16.8 million with cost of sales of $7.2 million, resulting in a gross profit of $9.6 million. Total operating expenses were $6.179 million, including selling expenses of $2.424 million and administrative expenses of $3.755 million. This led to an operating profit of $3.521 million and a profit before tax of $2.399 million after accounting for finance costs of $1.121 million. The company reported a profit of $1.679 million for the year along with other comprehensive income of $260,000 from unrealized gains

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    Colleagues Company

    Statement of Comprehensive Income

    For the Year Ended December 31, 20x1

    Notes

    Sales 16,800,000
    Cost of Sale (7,200,000)
    Gross Profit 9,600,000
    Other Income 100,000
    Total 9,700,000
    Operating Expenses
    Selling Expenses 4 2,424,000
    Administrative Expenses 5 3,755,000
    Total Operating Expenses (6,179,000)
    Operating Profit 3,521,000
    Finance Cost 6 1,121,466
    Profit Before Tax 2,399,534
    Income Tax Expense (30%) (719,860)
    Profit 1,679,674
    Other Comprehensive Income
    Unrealized Gain on Equity Securities – FVOCI 260,000
    Total Comprehensive Income 1,939,674

    Notes
    Note 4: Selling Expenses

    Freight out 870,000

    Sales Commissions 504,000

    Salaries of Sales Personnel 870,000

    Utilities Expense – Selling 180,000

    Total 2,424,000
    Note 5: Administrative Expenses

    Depreciation Expense – Building 405,000

    Depreciation Expense – Equipment 320,000

    Amortization of Patent 30,000

    Salaries of Administrative Personnel 2,820,000

    Utilities Expense – Administrative 180,000

    Total 3,755,000

    Note 6: Finance Cost

    Interest Expense - Bonds Payable 989,466

    Interest Expense – Borrowing Cost 132,000

    Total 1,121,466

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