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In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed data.

In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed data.

Operating expenses
   $ 725,000  
Interest revenue
   $ 38,000
Cost of goods sold
   1,261,000  
Loss on disposal of plant assets
   22,000
Interest expense
   76,000  
Net sales
   2,204,000
Income tax expense
   50,000  
Other comprehensive income (net of $1,200 tax)
   8,800
 
 
 
 
 
Prepare a multiple-step income statement.

Sheffield Corp.
Income Statement
choose the accounting period
 For the Month Ended December 31, 2022For the Year Ended December 31, 2022December 31, 2022
select an income statement item
 DividendsGross ProfitIncome From OperationsIncome before Income TaxesNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal RevenuesSalesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)Other Expenses and LossesOther Revenues and Gains
      
$enter a dollar amount
 
enter an income statement item
 
      
enter a dollar amount
 
select a summarizing line for the first part
 DividendsGross ProfitIncome From OperationsIncome before Income TaxesNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal RevenuesSalesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)Other Expenses and LossesOther Revenues and Gains
      
enter a total amount for the first part
 
select an income statement item
 DividendsGross ProfitIncome From OperationsIncome before Income TaxesNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal RevenuesSalesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)Other Expenses and LossesOther Revenues and Gains
      
enter a dollar amount
 
select a summarizing line for the second part
 DividendsGross ProfitIncome From OperationsIncome before Income TaxesNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal RevenuesSalesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)Other Revenues and GainsOther Expenses and Losses
      
enter a total amount for the second part
 
select an opening name for section one
 DividendsGross ProfitIncome From OperationsIncome before Income TaxesNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal RevenuesSalesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)Other Revenues and GainsOther Expenses and Losses
        
enter an income statement item
 
      
 
select an opening name for section two
 DividendsGross ProfitIncome From OperationsIncome before Income TaxesNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal RevenuesSalesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)Other Revenues and GainsOther Expenses and Losses
        
enter an income statement item
 
  
$enter a dollar amount
 
    
enter an income statement item
 
  
enter a dollar amount
 
    
       
 
select a summarizing line for the third part
 DividendsGross ProfitIncome From OperationsIncome before Income TaxesNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal RevenuesSalesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)Other Expenses and LossesOther Revenues and Gains
      
 
enter an income statement item
 
      
 
select a closing name for this statement
 DividendsGross ProfitIncome From OperationsIncome before Income TaxesNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal RevenuesSalesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)Other Revenues and GainsOther Expenses and Losses
      
 
 
 

SHOW LIST OF ACCOUNTS
LINK TO TEXT
 
 
 
Prepare a comprehensive income statement.

Sheffield Corp.
Comprehensive Income Statement
choose the accounting period
 December 31, 2022For the Month Ended December 31, 2022For the Year Ended December 31, 2022
select a comprehensive income item
 Operating ExpensesIncome From OperationsNet Income / (Loss)Retained Earnings, December 31Net SalesTotal ExpensesDividendsRetained Earnings, January 1RevenuesExpensesTotal RevenuesSalesGross ProfitOther Comprehensive Income / (Loss)Income before Income TaxesComprehensive Income / (Loss)
  
 
select a comprehensive income item
 Total RevenuesIncome before Income TaxesNet SalesNet Income / (Loss)DividendsTotal ExpensesOperating ExpensesRetained Earnings, December 31RevenuesSalesExpensesComprehensive Income / (Loss)Retained Earnings, January 1Other Comprehensive Income / (Loss)Gross ProfitIncome From Operations
  
 
select a closing name for this statement
 Income From OperationsExpensesIncome before Income TaxesOperating ExpensesGross ProfitTotal ExpensesComprehensive Income / (Loss)Other Comprehensive Income / (Loss)Net Income / (Loss)Net SalesTotal RevenuesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesDividends
  
 

Sep 22 2020 Read more Less More

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