Question

Concord Corporation reported the following for 2020: 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 debt securities $24,300.
Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.)

Answer 1

Answer:

A comprehensive income statement was prepared for Concord Corporation for the year ended 2020. the income statement is given below in the explanation section.

Explanation:

Solution

Given that:

                                CONCORD CORPORATION

                            Statement  of Comprehensive Income

                                  For the year ended 2020

Sales =  $1,232,000,

Cost og goods sold = $737,300

Gross profit = $494.700

Selling and administrative expenses =$338,200

Net Income =$156,500

Unrealized holding gain = $24,300

Comprehensive income =$189,800

                                  CONCORD CORPORATION

                                        Income Statement

                                      For the year ended 2020

Sales =  $1,232,000,

Cost of goods sold = $737,300

Gross profit = $494.700

Selling and administrative expenses =$338,200

Net Income =$156,500

                                   CONCORD CORPORATION

                             Comprehensive Income Statement

                                  For the year ended 2020

Net Income =$156,500

Unrealized holding gain = $24,300

Comprehensive income =$189,800