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Karla Company Comprehensive Income

The document contains income statements for Karla Company and Galing Corporation for the year ended December 31, 2013. Karla Company reported total income of $8.1 million and net income of $350,000. Galing Corporation reported significantly higher total income of $16.2 million and net income of $11.5 million. Both income statements show revenues, expenses, and net income calculations.

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akiko dilem
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3K views

Karla Company Comprehensive Income

The document contains income statements for Karla Company and Galing Corporation for the year ended December 31, 2013. Karla Company reported total income of $8.1 million and net income of $350,000. Galing Corporation reported significantly higher total income of $16.2 million and net income of $11.5 million. Both income statements show revenues, expenses, and net income calculations.

Uploaded by

akiko dilem
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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DILEM, FARRAH ERLYN P.

KARLA COMPANY
STATEMENT OF COMPREHENSIVE INCOME
Year ended December 31, 2013
Net Sales
Sales
Sales return and allowance
Sales Discounts
Rent Income
Dividend Revenue

7,700,000
7,850,000
(140,000)
(10,000)
250,000
150,000

400,000

Total Income
8,100,000
Expenses:
Merchandise Inventory, Dec.31
Merchandise Inventory, Jan.1
Increase in inventory
Purchases
Freight-in
Purchases returns and allowance
Purchased Discounts
Net purchases
Selling Expenses:
Freight-out
Salesmens Commission
Depreciation-store equipment
(950,000)
Administrative Expenses:
Officers salaries
Depreciation-office equipment
Loss on Sale of equipment
Loss on sale of investment
Income Tax
(900,000)
Other Comprehensive Income
Unrealized gain on fair value
Unrealized gain from derivative contracts
Revaluation surplus
Actuarial loss
Loss from foreign operations
Net Income
350,000

1,500,000
(1,000,000)
500,000
5,250,000
500,000
(150,000)
(100,000)
(5,500,000)
(175,000)
(650,000)
(125,000)
(500,000)
(300,000)
(50,000)
(50,000)
(250,000)
120,000
90,000
230,000
(75,000)
(15,000)

GALING CORPORATION
INCOME STATEMENT
Year ended December 31, 2013
Net Sales
15,400,000 Sales
Sales Return and Allowances
Sales Discounts
Rent Income
Dividend Income
800,000

15,700,000
(280,000)
(20,000)
500,000
300,000

Total Income
16,200,000
Expenses:
Inventory (December 31)
Inventory (January 1)
Increase in inventory
1,000,000
Purchases
Freight-in
Purchases Returns and Allowances
Purchase Discounts
Net Purchases
(8,300,000)
Selling Expenses:

3,000,000
(2,000,000)
10,500,000
1,000,000
(3,000,000)
(200,000)

Freight-out
(350,000)
Salesmens Commission
(1,300,000)
Depreciation expense-store Equipment
(250,000)
(1,900,000)
Administrative Expenses:
Officers Salaries
(1,000,000)
Depreciation expense-office Equipment
(600,000)
Loss on sale of equipment
(100,000)
Loss on sale of investment
(100,000)
Income Tax
(500,000)
(2,300,000)
Net Income
11,500,000

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