Question

The following information relates to Skysong, Inc. for the year 2022.

Retained earnings, January 1, 2022		$39,360		Advertising expense		$1,480
Dividends during 2022		4,100		Rent expense		8,530
Service revenue		51,250		Utilities expense		2,540
Salaries and wages expense		22,960		Other comprehensive income (net of tax)		330

After analyzing the data, compute net income.

Prepare a comprehensive income statement for the year ending December 31, 2022.

Answer 1

с $51,250 A B Skysong, Inc. Income Statement 1 For the Year Ended December 31, 2022 2 Service revenue 3 Expenses: 4 Salaries and wages expenses $22,960 5 Advertising expenses $1,480 6 Rent expense $8,530 7 Utilities expense $2.540 8 Total expenses 9 Net income 10 Skysong, Inc. Comprehensive Income Statement 11 For the Year Ended December 31, 2022 12 Net income $15,740 13 Add: Other comprehensive income (net of tax) $330 14 Comprehensive income $16,070 $35,510 $15,740 Calculations are shown below: с 51250 Rent expense A B Skysong, Inc. Income Statement 1 For the Year Ended December 31, 2022 2 Service revenue 3 Expenses: 4 Salaries and wages expenses 22960 5 Advertising expenses 1480 6 8530 7 Utilities expense 2540 8 Total expenses 9 Net income 10 Skysong, Inc. Comprehensive Income Statement 11 For the Year Ended December 31, 2022 12 Net income =C9 13 Add: Other comprehensive income (net of tax) 330 14 Comprehensive income I=B12+B13 =SUMB4:B7) =C2-CS