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

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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42 views

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

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

Uploaded by

Jonell
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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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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