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Tailwind, Inc. provided the following income statement for the year ended December 31, 2021. All income is subject to a total of 40% tax. TAILWIND,
Tailwind, Inc. provided the following income statement for the year ended December 31, 2021. | ||||||
All income is subject to a total of 40% tax. | ||||||
TAILWIND, INC. | ||||||
Income statement | ||||||
December 31, 2021 | ||||||
Sales | $ 12,000 | |||||
Cost of Goods Sold | 4,000 | |||||
Gross Profit | 8,000 | |||||
Operating Expenses | 5,000 | |||||
Operating Income | 3,000 | |||||
Income Tax Expense (at 40%) | 1,200 | |||||
Net Income | $ 1,800 | |||||
The company also had $375 of unrealized holding gains on its available-for-sale (long-term) | ||||||
investment portfolio. | ||||||
Prepare a statement of comprehensive income using the one-statement approach. |
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