Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income

On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance:

Loss from fire (pretax)	$8,000		General and administrative expenses	$17,000
Interest revenue	3,000		Sales	160,000
Selling expenses	12,000		Unrealized decrease in fair value of
Cost of goods sold	100,000		available-for-sale securities	1,800
Loss on sale of equipment (pretax)	2,000

Additional data:

1. Seven thousand shares of common stock have been outstanding the entire year.
2. The income tax rate is 30% on all items of income.

Required:

1. Prepare a 2019 multiple-step income statement. Round earnings per share to two decimal places.

OPGENORTH COMPANY
Income Statement
For Year Ended December 31, 2019
Sales		$
Cost of goods sold
Gross profit		$
Operating expenses
Selling expenses	$
General and administrative expenses
Total operating expenses
Operating income		$
Other items
Interest revenue	$
Loss from fire
Loss on sale of equipment
Income before income tax		$
Income tax expense
Net income		$
Components of Income		EPS
Net income

2. Prepare a 2019 single-step income statement. Round earnings per share to two decimal places.

OPGENORTH COMPANY
Income Statement
For Year Ended December 31, 2019
Revenues
Sales	$
Interest revenue
Total revenues		$
Expenses
Cost of goods sold	$
Selling expenses
General and administrative expenses
Loss on sale of equipment
Total expenses
		$
Components of Income		EPS

3. Prepare a 2019 statement of comprehensive income.

OPGENORTH COMPANY
Statement of Comprehensive Income
For Year Ended December 31, 2019
Net income	$
Other comprehensive loss
Unrealized decrease in value of available-for-sale securities
Comprehensive income	$