Sunland Company
Multi Step Income Statement
For the Year Ended December 31, 2022
Net sales $ 2,200,000
Less: Cost of goods sold ($ 1,257,000)
Gross margin / Profit $ 943,000
Less: Operating expenses ($ 722,000)
Income from operations $ 221,000
Other revenues and gains:
Interest revenue $ 35,000
Other expenses ans losses:
Interest expense ($ 72,000)
Loss on disposal of plant assets ($ 18,000) ($ 90,000)
Income before income taxes $ 166,000
Income taxes expenses ($ 46,000)
Net income $ 120,000
Sunland Company
Comprehensive Income Statement
For the Year Ended December 31, 2022
Net income $ 120,000
Add: Other comprehensive income $ 8,400
Comprehensive income $ 128,400
Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is a useful number for investors to assess how much revenue exceeds the expenses of an organization. This number appears on a company's income statement and is also an indicator of a company's profitability.
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