- of $168.000. Coftee's tax rate is 20%. Prepare the discontinued operLIULIS UI UIT BE5-15. Comprehensive Income Statement, One-statement Approach. Steven Stores, Inc. provided the following statement of net income for the current year. All income is subject to a 40% income tax rate. Steven Stores, Inc. Statement of Net Income For the Year Ended December 31 Sales $ 12,000 Less: Cost of Goods Sold 14,000) Gross Profit $ 8,000 Operating Expenses: Selling Expenses $ 3,500 General and Administrative 1,500 Expenses (5,000) Total Operating Expenses Operating Income $ 3,000 (1,200 Income Tax Expense Net Income $ 1,800 The company also had $735 of unrealized holding gains on its available for sale investment portfolio. Prepare a statement of comprehensive income using the one-statement approach. BE5-16. Comprehensive Income Statement, Separate Statement Approach. Using the information provided in BE5-15, report comprehensive income in a separate statement of comprehensive income. Ine rented the following account balances on its balance Statements of Financial Position and Cash Flows and the Annual Report BE6-24. Statement of Cash Flows, Direct Method. Identify and compute the cash flow related to each item on the following income statement. Use the direct method. Balance Sheet Accounts Income Statement Accounts Ending Balance a. Accounts Receivable b. Prepaid Insurance c. Inventory d. Accounts Payable e. Taxes Payable Beginning Balance $1,035 400 5,461 4,312 3,009 $1,123 514 6,723 5,125 2,400 Sales Insurance Expense Cost of Goods Sold $35,678 1,346 34,762 Tax Expense 45,098