Brief Exercise 5-7

The following information relates to Splish Brothers Inc. for the year 2017.

Retained earnings, January 1, 2017

$42,240Advertising expense

$1,580Dividends during 2017

4,400Rent expense

9,150Service revenue

55,000Utilities expense

2,730Salaries and wages expense

24,640Other comprehensive income (net of tax)

350

After analyzing the data, compute net income.

Net income / (loss)$enter net income or loss amount

LINK TO TEXT

Prepare a comprehensive income statement for the year ending December 31, 2017.

SPLISH BROTHERS INC.

Comprehensive Income Statement

choose the accounting period

For the Month Ended December 31, 2017

December 31, 2017

For the Year Ended December 31, 2017

select a comprehensive income item

Dividends

Expenses

Net Income / (Loss)

Retained Earnings, January 1

Retained Earnings, January 31

Sales

Total Expenses

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income Before Income Taxes

Other Comprehensive Income / (Loss)

Comprehensive Income / (Loss)

$enter a dollar amount

select an opening section name

Dividends

Expenses

Net Income / (Loss)

Retained Earnings, January 1

Retained Earnings, January 31

Sales

Total Expenses

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income Before Income Taxes

Other Comprehensive Income / (Loss)

Comprehensive Income / (Loss)

enter a dollar amount

select a closing name for this statement

Dividends

Expenses

Net Income / (Loss)

Retained Earnings, January 1

Retained Earnings, January 31

Sales

Total Expenses

Total Revenues

Net Sales

Gross Profit

Operating Expenses

Total Operating Expenses

Income Before Income Taxes

Other Comprehensive Income / (Loss)

Comprehensive Income / (Loss)

$enter a total amount for this statement