Question

Below are the completed financial statement columns of the worksheet for Suncor Company.

Suncor Company
Work Sheet
For the Year Ended December 31, 2017

During 2017, Suncor’s shareholders invested $26,880 in exchange for common shares. Accumulated other comprehensive income had a balance of $0 on January 1, 2017.

Prepare a statement of comprehensive income.

SUNCOR CORP.

Choice of accounts to use:

Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Amortization - Patent
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Furniture and Fixtures
Accumulated Depreciation - Machinery
Accumulated Depreciation - Trucks
Accumulated Impairment Losses
Accumulated OCI
Administrative Expenses
Advances to Employees
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Shares
Cost of Goods Sold
Current Portion of Notes Payable
Deferred Development Costs
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Equipment
Fair Value - NI Investments
Fair Value - OCI Investments
Freight-in
Freight-out
Furniture and Fixtures
Impairment Loss
Income Summary
Income Tax Expense
Insurance Expense
Insurance Revenue
Interest Expense
Interest Income
Interest Payable
Interest Receivable
Inventory
Investment Income or Loss
Land
Legal Expense
Loss on Inventory Due to Decline in NRV
Miscellaneous Expense
Mortgage Payable
No Entry
Notes Payable
Notes Receivable
Office Expense
Operating Expenses
Owner's Capital
Owner's Drawings
Patents
Prepaid Advertising
Prepaid Expenses
Prepaid Insurance
Prepaid Rent
Property Tax Expense
Property Tax Payable
Purchase Discounts
Purchase Returns and Allowances
Purchases
Rent Expense
Rent Payable
Rent Receivable
Rent Revenue
Repairs and Maintenance Expense
Repair Revenue
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Payable
Sales Commission Expense
Sales Commission Payable
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Service Revenue
Supplies
Supplies Expense
Telephone Expense
Trucks
Unearned Rent Revenue
Unearned Repair Revenue
Unearned Revenue
Unrealized Gain or Loss - OCI
Utilities Expense
Utilities Payable

Answer 1

Answer

Statement of Comprehensive Income
for the year ended Dec 31, 2017
Revenues:
Service Revenue		$159,040
Expenses [or operating expenses]:
Repairs & Maintenace expenses	$14,784
Depreciation expense	$31,832
Insurance expense	$21,480
Salaries & Wages expense	$119,392
Utilities expense	$3,920
Operating expense [total]		$191,408
Net Loss		($32,368)
Unrealized gain or loss - OCI		$7,616
Comprehensive Loss - Net Loss and OCI		($24,752)